Key Messages Federal and state regulators are actively supervising the Y2K efforts of all banks, thrifts and credit unions. By the end of July, the OCC will have conducted three or more on-site examinations of every national bank to specifically review Y2K progress. While we do not expect significant problems, we are preparing to deal effectively with any problems that may occur so the public will be protected. The vast majority of national banks are expected to finish testing their renovated systems by June 30 and, any that fall behind will receive a much higher level of scrutiny until they complete the task. The June 30 target was chosen to ensure plenty of time to deal with any problems before year-end.
Banks are the best source of information on their own state of readiness.
Banks have a lot of information to share, in part because of regulatory requirements. Moreover, bank regulators are committed to keeping the public fully informed about the readiness of the system as a whole. We expect consumers to continue to be able to clear checks, use credit cards and get money as we do today. Banks and other local retail businesses, such as supermarkets and drug stores, are reinforcing this message in their communities.