Page:United States Statutes at Large Volume 112 Part 1.djvu/58

 112 STAT. 32 PUBLIC LAW 105-164—MAR. 20, 1998 Public Law 105-164 105th Congress An Act M 90 1QQR "^^ address the Year 2000 computer problems with regard to financial institutions,

to extend examination parity to the Director of the Office of Thrift Supervision [H.R. 3116] and the National Credit Union Administration, and for other purposes. Be it enacted by the Senate and House of Representatives of Examination the United States of America in Congress assembled. Parity and Year 2000 Readiness SECTION 1. SHORT TITLE. Institutions Act. This Act may be cited as the "Examination Parity and Year 12 USC 1461 2000 Readiness for Financial Institutions Act". note. 12 USC 1811 SEC. 2. YEAR 2000 READINESS FOR FINANCIAL INSTITUTIONS. °°*®- (a) FINDINGS.— The Congress fmds that— (1) the Year 2000 computer problem poses a serious challenge to the American economy, including the Nation's banking and financial services industries; (2) thousands of banks, savings associations, and credit unions rely heavily on internal information technology and computer systems, as well as outside service providers, for mission-critical functions, such as check clearing, direct deposit, accounting, automated teller machine networks, credit card processing, and data exchanges with domestic and international borrowers, customers, and other financial institutions; and (3) Federal financial regulatory agencies must have sufficient examination authority to ensure that the safety and soundness of the Nation's financial institutions will not be at risk. (b) DEFINITIONS. —For purposes of this section— (1) the terms "depository institution" and "Federal banking agency" have the same meanings as in section 3 of the Federal Deposit Insurance Act; (2) the term "Federal home loan bank" has the same meaning as in section 2 of the Federal Home Loan Bank Act; (3) the term "Federal reserve bank" means a reserve bank established under the Federal Reserve Act; (4) the term "insured credit union" has the same meaning as in section 101 of the Federal Credit Union Act; and (5) the term "Year 2000 computer problem" means, with respect to information technology, any problem which prevents such technology from accurately processing, calculating, comparing, or sequencing date or time data— (A) from, into, or between— (i) the 20th and 21st centuries; or (ii) the years 1999 and 2000; or (B) with regard to leap year calculations.

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