Regulatory Agencies Doing Y2K Work

Congress is concerned about the coming millennium and has called the bank regulatory agencies to testify. According to their testimony, the agencies are holding themselves to as ambitious a schedule as that for the banking industry.

According to Federal Reserve Governor Kelley, the FRB has renovated its mission-critical applications and nearly completed internal testing. In addition, the FRB has opened its mission-critical systems to customers for testing.

Like the banking industry, the FRB maintains a constantly changing contingency plan. Governor Kelly pointed out to Congress that the Federal Reserve always has a contingency plan because of the huge negative impact that any failures in Federal Reserve System services and functions would have.

Copyright © 1998 Compliance Action. Originally appeared in Compliance Action, Vol. 3, No. 12, 10/98