Statistics, Facts, & Such
Ernst & Young LLC says the banking industry generated $8.1 billion of revenue from wholesale services such as sweep accounts during 1997.
Treasury Strategies Inc. says corporate sweep services are offered by 79% of the 1200 largest commercial banks in the United States.
There are 87 weekends left to test systems before the year 2000 arrives.
FEMA reports that in a Special Flood Hazard Area (SPHA) there is a 26% chance of a flood during a 30 year mortgage. Statistics say there is a 1% chance of a fire during the same period.
According to Treasury, almost three quarters of the over one billion annual Federal payments are already accomplished electronically. 27% are still paid by check.
Treasury says it takes up to two weeks to replace a lost or stolen paper check, while an electronic transfer problem can be traced and corrected in a single day.
A National Community Reinvestment Coalition study shows financial institutions made five times more in CRA loan commitments ($218 Billion) in 1997 than in 1996.
The dollar amount that triggers certain Reg Z disclosure requirements and restrictions for high-rate, high-fee mortgage loans is $435 for 1998.
Account information required in Child Support Enforcement Data Match includes account name, record address, SSN, taxpayer ID number and "other identifying information".
According to Grant-Thornton, 92% of community banks know how major suppliers are addressing the year 2000 problem, and 44% have already tested their security systems.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 4, 4/98