Examination Parity and Year 2000 Readiness for Financial Institutions Act

Summary

Examination Parity and Year 2000 Readiness for Financial Institutions Act - Requires each Federal banking agency and the National Credit Union Administration Board (Board) to offer seminars to all depository institutions and insured credit unions under their respective jurisdictions on the implication of the Year 2000 computer problem for: (1) the safety and soundness of such institutions; and (2) their transactions with other financial institutions (including Federal reserve banks and Federal home loan banks). Requires such agencies and the Board to make available to all the institutions under their jurisdiction model approaches to common Year 2000 computer problems with regard to project management, vendor contracts, testing regimes, and business continuity planning. Defines Year 2000 computer problem as any problem which prevents information technology from accurately processing, calculating, comparing, or sequencing date or time data: (1) from, into, or between the 20th and 21st centuries, or the years 1999 and 2000; or (2) with regard to leap year calculations. Amends the Home Owners' Loan Act to place under the regulatory authority of the Director of the Office of Thrift Supervision a service corporation or subsidiary owned by a savings association. Permits the Director to authorize any other Federal banking agency to examine the service corporation or subsidiary if the agency supervises any other person maintaining an ownership interest in it. Subjects the corporation or subsidiary to the insurance termination prescriptions of the Federal Deposit Insurance Act. Provides that if such service corporation or subsidiary causes services to be performed for itself that are also authorized under this Act, such services shall also fall within the Director's regulatory purview. Amends the Federal Credit Union Act to subject a credit union organization owned in whole or in part by an insured credit union to examination and regulation by the Board to the same extent as an insured credit union. Permits the Board to authorize any other Federal agency to examine a credit union organization if such agency has supervisory authority over any activity of a credit union organization, or over any person maintaining an ownership interest in such organization. Subjects such corporation or subsidiary to the insurance termination and disciplinary requirements of the Federal Credit Union Act. Provides that if an insured credit union or credit union organization causes services to be performed for itself that are also authorized under this Act, such services shall also fall within the Board's regulatory purview. Terminates all power and authority conferred upon the Board by this Act as of December 31, 2001.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 24 February 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 24 February 1998

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• Introduced in Senate

  summary · EN · 24 February 1998

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