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Financial Institution Letter

Year 2000 Readiness Assessments

October 8, 1998
Notes
 

TO: CHIEF EXECUTIVE OFFICER
SUBJECT: List of Service Providers and Software Vendors Examined for Year 2000 Readiness

The FDIC, along with the other member banking agencies of the Federal Financial Institutions Examination Council (FFIEC), is issuing the attached list of service providers and software vendors that have been examined for Year 2000 readiness.

The FDIC is providing this list as a resource for financial institutions. The list informs financial institutions of the Year 2000 reviews of service providers and software vendors performed by the FFIEC agencies. Procedures have been established to distribute Year 2000 reviews to FDIC-insured client financial institutions. For further information on the distribution status of a particular report, please contact your FDIC Division of Supervision regional office.

The attached list does not constitute legal advice or an endorsement favoring, recommending or certifying the Year 2000 readiness of any entity or its products or services. The interagency statement on "Guidance Concerning Institution Due Diligence in Connection with Service Provider and Software Vendor Year 2000 Readiness" (see FIL-29-98: Inactive Financial Institution Letters: dated March 18, 1998) clarifies the importance of developing and executing a due-diligence process for each mission-critical service and product supplied by service providers or software vendors. This process should enable an institution's management to:

* identify the obligations of the institution and its service providers and software vendors,
* establish an effective monitoring program of the renovation phase,
* establish a process for testing the renovated products and services, and
* adopt contingency plans in the event of information systems disruptions.

For further information about Year 2000 issues and interagency Y2K statements, please visit the FDIC's Web site at www.fdic.gov or the FFIEC's Web site at www.ffiec.gov .

Nicholas J. Ketcha Jr.
Director

Attachments:

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).


FIL-109-98

Last Updated: October 8, 1998