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Asset and Liability Backup Program

FDIC · final-rule · Published 1999-06-09 · Effective 1999-07-09 · 64 FR 30869

Document

Document number
99-14641
Federal Register citation
64 FR 30869
CFR reference
12 CFR 331
Type
Rule
Action
Interim final rule; request for comment.
Category
final-rule
Agency
US Federal Deposit Insurance Corporation
Publication date
1999-06-09
Effective date
1999-07-09

Abstract

The FDIC is adopting an interim final rule to require asset and liability backup programs (ALBPs) for limited deposit account and loan account information in a limited number of institutions to facilitate timely and accurate restoration of key financial records in the event that an FDIC-insured depository institution (insured depository institution) experiences a Year 2000 (Y2K) computer problem and is placed in receivership. Specifically, this rule requires those insured depository institutions receiving Y2K ratings of less than ``Satisfactory'' on or after July 31, 1999 (affected institutions) to follow specific programs to backup certain information concerning deposit and loan accounts. This information will be retained by each bank or savings and loan (thrift) to which the rule applies and used by the FDIC only if such an institution must be closed. This regulation will automatically sunset on June 30, 2000, and will no longer be applicable after that date. An affected institution will be exempted from the ALBP rule if its primary federal regulator provides a written determination to the Executive Secretary, FDIC, that the ALBP is not needed.

Source

Authoritative
Federal Register document
Machine
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