Bank Service Company Examination Coordination Act of 2023

H.R. 1109, the Bank Service Company Examination Coordination Act of 2023, streamlines how government officials oversee third-party companies that provide essential services to banks, such as data processing or software management. The bill requires federal and state banking regulators to coordinate their audits and share information more effectively when examining these service providers. For everyday citizens, this coordination is intended to improve the safety and security of the banking system by ensuring that the technology companies handling sensitive financial data are subject to consistent and thorough oversight.