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Summary and Comments

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Category: 

Banking

Date: 

1998-02-11 10:44:14

Subject: 

FDIC Hasn't Met Its Own Y2K Deadline Standards

  Link:

http://www.bergen.com/biz/year199802101.htm

Comment: 

The FDIC lays down the Y2K law to thousands of banks. But it is not y2k compliant, and it is way behind schedule.

It has not yet assessed all of its systems. It has assessed most of them, an official claims.

This is from the Bergen RECORD (Feb. 10).

* * * * * * *

WASHINGTON -- When it comes to resolving year-2000 computer problems, the FDIC may be setting a bad example for the banks it oversees, the chairman of the House Banking Committee says.

Rep. Jim Leach said Monday that congressional auditors found the Federal Deposit Insurance Corp. has not yet completed the assessment of its computer systems that are critical to getting ready for the year 2000.

According to the FDIC's own standards for insured financial institutions, Leach noted, such work was supposed to be finished by the end of September 1997. "It now appears that the FDIC may not itself have met the standards it has set for financial institutions," Leach said in a letter to FDIC Chairman Andrew Hove. . . .

Asked about the letter, FDIC spokesman Phil Battey said the agency had made significant progress.

Referring to critical computer systems, he said, "We have 40 mission-critical systems. We've assessed 34 of them. We have six to go."

Link: 

http://www.bergen.com/biz/year199802101.htm

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