Based on the results of these assessments, regulators will prioritize supervisory reviews, using examination procedures contained in a second appendix to the Statement. The regulators expect to complete examinations of conversion efforts by mid-1998. Federal financial regulators are concerned that systemic disruptions and potential failures could result if computers used by financial institutions cannot properly read date- sensitive information when the calendar year changes to 2000. The Interagency Statement adopted today emphasizes the important issues that banks, thrifts and credit unions need to address right now to meet critical deadlines in preparation for the Year 2000. During the final stage, systems should be certified as compliant and accepted by business users.
Federal regulators intend to work closely with institutions that face unusual difficulties.
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