Here is a happy-face headline: "98% Of Domestic Banks Are Year 2000 Compliant." But what the story says is that 98% of U.S. banks are compliant with Federal Reserve requirements. And what are these? That bankers be aware of the existence of the Year 2000 Problem.
Well, whoopdy-doo. The
California White Paper rates awarness as 1% of the repair. Only 99% to go!
This is from REGULATORY COMPLIANCE WATCH (Feb. 2).
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Less than 2% of the domestic banking industry is not in compliance with the Fed's Y2K requirements, a Fed official told RCW.
Less than 200 U.S. institutions are "still at a point where their level of awareness and assessment (of potential problems related to the Y2K computer glitches) is thoroughly lacking," said a Federal Reserve Board official who asked to remain anonymous.