When Regulators Aren't Allowed to Coordinate

When there’s an emergency – a pandemic, a cyber-attack, a disaster – state and federal regulators need to be able to talk to each other quickly and directly. 

But, because of a weird quirk of a 60-year-old law, they often spend precious time just trying to figure out if they’re allowed to work together.

Today we’re talking about the Bank Service Company Examination Coordination Act – BSCA Coordination Act for short. It’s legislation that could make a world of difference for banks and consumers in the midst of a disaster. 

That is, if it becomes law.