§ 524.218 — Regulation and examination of service providers

Iowa § 524.218

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 524: BANKS

Text

1. Whenever a state bank, or any subsidiary or affiliate of a state bank that is subject

to examination by the superintendent, causes to be performed for itself, by contract
or otherwise, a covered service, such performance shall be subject to regulation and
examination by the superintendent to the same extent as if the covered service was being
performed by the state bank itself.
2. For purposes of this section, “covered service” means and includes all of the following:
a. Data processing services.
b. Activities that support financial services, including but not limited to lending, funds
transfer, payment processing, fiduciary activities, trading activities, and deposit taking.
c. Internet-related services, including but not limited to web services and electronic bill
payments, mobile applications, system and software development and maintenance, and
security monitoring.
d. Activities related to the business of banking.
3. The superintendent may, in the superintendent’s discretion, accept examinations
authorized or required to be conducted by this section, which are made by other state or
federal financial regulatory agencies listed in section 524.217, subsection 2, in lieu of any
examination authorized or required under the laws of this state.

Legislative History

[C71, 73, 75, 77, 79, 81, §524.218; 81 Acts, ch 173, §9]