Code of Alabama - Title 5: Banks and Financial Institutions - Section 5-3A-31 - Legislative findings

Section 5-3A-31 - THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

The Legislature finds and declares that the connections between banks and service providers create risks to the financial system, as banks are increasingly reliant on third parties to provide or enable key banking functions and other services. Because of the role service providers have in the safety and soundness of banks and the stability of the financial system, the Legislature finds that it is necessary for banking agencies to have authority to examine service providers. The purpose of this article is to authorize the Superintendent of Banks, through examiners appointed by the superintendent, to examine service providers that provide services to banks, other than national banks, subject to supervision and inspection by the superintendent.

(Act 2018-500, §2.)

Last modified: May 3, 2021