September forced closure of non-compliant banks?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
I heard or read(maybe it was on this forum) that the gov't would begin closing banks as of this month, September, if they were not on the way to y2k compliance. Has anything happened so far? Or am I incorrect in what I read or heard? Johan
-- johan (firstname.lastname@example.org), September 03, 1998
I haven't heard that one, but this article may be of interest to you:
-- Gayla Dunbar (email@example.com), September 04, 1998.
Well, if it is happening expect it to be called a merger or a takeover in public; the truth won't be regarded as fit for public view.
Hmmm. And what industry has there been a flood of mergers and acquisitions in over the last year?...
-- Nigel Arnot (firstname.lastname@example.org), September 04, 1998.
<< Hmmm. And what industry has there been a flood of mergers and acquisitions in over the last year?..>>
Wouldn't it be a shorter list to ask which industry hasn't had a flood of mergers and acquisitions in the last couple of years?
-- Paul Neuhardt (email@example.com), September 04, 1998.
The Federal Financial Institutions Examination Council (FFIEC) issued a statement which can be viewed at www.ffiec.gov/y2k/guidance.htm regarding expected progress in testing. I didn't see any statement in there about closing banks, but there are a series of key dates laid out: June 30, 1998: complete development of written testing plans
September 1, 1998: testing of internal mission-critical systems begun
December 31, 1998: substantial completion of internal mission-critical system testing
March 31, 1999: testing substantially complete by institutions relying on service providers
June 30, 1999: testing of mission critical systems complete and implementation substantially complete.
-- Dan Hunt (firstname.lastname@example.org), September 04, 1998.
It is also interesting to note the flood of mergers right before the great depression. Deja vu anyone?
-- Uncle Deedah (email@example.com), September 04, 1998.
I had a discussion on y2k with my local bank president a couple of weeks ago. He said he had a visit from a fed the previous week. He was told he was woefully behind where he should be at this point. The fed asked if he had a contingency plan. His answer, I quote, "How am I suppose to have a back-up plan? Hell, I don't even have a PLAN!!" The banker began searching for help on his repairs. He managed to finally get a definite date for repairs. GUESS WHEN? 2001
-- patricia frausto (firstname.lastname@example.org), September 06, 1998.
I attended a one day seminar on y2k hosted by my club's bank (we keep our treasury there). They called in a consulting firm from Washington state to tell their customers what y2k is, what to expect, and how to prepare as small businesses.
The speaker said that the FDIC has already started to force closure of banks it believes won't be ready in time. You just don't see it in the news. He didn't elaborate.
-- Larry Phillips (email@example.com), September 06, 1998.
Closer or Discloser?
-- Gayla Dunbar (firstname.lastname@example.org), September 06, 1998.
Patricia, Change banks. Now. Do not pass go, do not collect $200.00 Wachovia (GA,SC,NC,...) is at least formally asdvertising they are preparing and expect to be ready. Maybe they will, maybe they won't. But at they are to the point of actually advertising the issue.
-- Robert A. Cook, P.E. (email@example.com), September 06, 1998.
I teaches Y2k seminars .I have heard from a disaster preparedness expert the the Federal government will take over non-compliant banks starting Jan., 1999. I have not had time to look into it. If I find out anything ,I might post it on my new site on Y2k, financial forecasts & alternative medicine for Y2K. http://www.geocities.com/HotSprings/villa/3388. The number of visitors are really growing tho it is so new. You will like my new article "22 questions for the Y2k skeptics"
-- Raymond Kwong (firstname.lastname@example.org), September 09, 1998.