The impact of the Year 2000 date change on the FDIC's business operations and what steps the Corporation is taking to solve potential Year 2000 problems are of interest to FDIC-supervised institutions, depositors and the general public. The FDIC has taken an aggressive stance to ensure internal Year 2000 readiness. The agency has implemented a strategic plan assuring that all of its systems (hardware, software and networks) and their interfaces will be Year 2000 compliant by December 31, 1999. "Year 2000 compliant" means that information technology will accurately process date/time data from, into and between the years 1999 and 2000, as well as leap-year calculations (Year 2000 is a leap year). When used with other information technology, Year 2000 compliant information technology will accurately process date/time data if the other information technology properly exchanges date/time data with it. The FDIC has several products and interfaces with financial institutions that may have Year 2000 implications:
All FDIC internal systems affected by the Year 2000 date change that generally impact financial institutions, such as bank assessment systems, will be renovated by the end of August 1998 and validated to ensure Year 2000 readiness. Additional information and updates on Year 2000 issues are available on the Internet at: /news/financial-institution-letters/ and http://www.ffiec.gov .
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, N.W., Room 100, Washington, D.C. 20434 (800-276-6003 or (703) 562-2200). |