Bank Service Company Law and Legal Definition

According to 12 USCS § 1861 (2), the term bank service company means--

“(A) any corporation--

(i) which is organized to perform services authorized by this Act [12 USCS §§ 1861 et seq.]; and

(ii) all of the capital stock of which is owned by 1 or more insured depository institutions; and

(B) any limited liability company--

(i) which is organized to perform services authorized by this Act [12 USCS §§ 1861 et seq.]; and

(ii) all of the members of which are 1 or more insured depository institutions.”