The belief that Year 2000 risks are shouldered by vendors has led many community banks to falsely believe that they incur little or no risk from the millenium change. In reality, the Year 2000 is a fundamental safety and soundness issue that banks will have to address accordingly. Our new services give them somewhere to turn for assistance. Evidence of increasing regulatory pressure was witnessed at the October 22nd Senate Banking committee hearing on the Year 2000. The bank regulators now say that, despite efforts to focus industry attention on this ticking time bomb, many banks still have not taken even the most basic steps to prepare for Year 2000.
Most larger banks are hard at work.
But smaller banks, especially community banks, are in poor shape. The teleconference covers the legal responsibilities and liabilities of banks arising from the Year 2000 problem.