STORY:
Feds Offer Banks Y2K Help

According to a Reuters report, the U.S. Federal Reserve said it would allow banks involved in mergers to delay the integration of their check-processing systems until after the changeover to the year 2000.

A statement released by the Federal Reserve says "The extension of the transition period will enable merged banks that were Year 2000 compliant to be treated as separate entities, and to delay merging their systems until after the key century rollover and leap year events of Year 2000."

An amendment of the Fed's Regulation CC will allow banks that consummate merger transactions after July 1, 1998 and before March 1, 2000 to be treated as separate entities until March 1, 2001. Merging banks are normally required to integrate their checking operations within a year.

"This will enable these banks to avoid reprogramming and retesting Year 2000 compliant systems," the Fed said. "The extension should also help ensure that banks have sufficient resources to address unanticipated problems that may arise at the turn of the century."

Source: Reuters

DATE: 3/24/99

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