Working closely with state banking departments, the Federal Reserve is making a concerted effort to focus additional attention on those particular banking organizations that are deemed deficient in their Year 2000 planning and progress.
Partly in response to the requirements of the Examination Parity and Year 2000 Readiness for Financial Institutions Act, which calls for the banking agencies to conduct seminars for bankers on the Year 2000, the federal banking agencies have been working with state banking departments as well as national and local bankers' associations to develop coordinated and comprehensive efforts at improving the local and regional programs intended to focus attention on the Year 2000.
Mortgage bankers are regulated by state banking departments
, and many states require them to be licensed as well.
Much of this effort has been conducted on an interagency basis, particularly in cooperation with the Federal Deposit Insurance Corporation (FDIC) and state banking departments
with whom we share supervision of state-chartered banks.
The Federal Reserve, together with the state banking departments
and other federal regulators, has worked to coordinate better and enhance further the supervision of the U.S.
In these circumstances, the Federal Reserve informed senior officials at the state banking departments
in New York and California.