Examination Parity and Year 2000 Readiness for Financial Institutions Act
Public Law 105-164 · H.R. 3116 · 105th Congress · began in the House
Signed by Bill Clinton (D) on Mar 20, 1998 · Finance and Financial Sector
Sponsor: Rep. Jim Leach (R-IA-1)
Cosponsors (5): Rep. Michael Castle, Rep. Spencer Bachus,
Passage votes
- HouseVoice vote
- SenateUnanimous consent
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
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.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 11 actions.
- Mar 20, 1998Became lawBecame law · Became Public Law No: 105-164.
- Became lawBecame law · Signed by President.
- Mar 10, 1998PresidentPresident · Presented to President.
- Mar 6, 1998FloorFloor · Passed Senate without amendment by Unanimous Consent.
- Feb 24, 1998FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
- FloorFloor · Mr. Leach moved to suspend the rules and pass the bill, as amended.
- CommitteeCommittee · Reported by House Financial Services Committee
- Feb 5, 1998CommitteeCommittee · Markup by House Financial Services Committee
- Jan 28, 1998CommitteeCommittee · Referred to House Financial Services Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.