"Year 2000 Readiness Disclosure"
To the Chief Executive Officers of all State Member Banks, Bank Holding
Companies, Edge and Agreement Corporations, and Branches and
Agencies of Foreign Banks, in the Second Federal Reserve District:
On June 9, 1999, the Federal Depository Institution Corporation published a rule establishing a Year 2000 "Asset and Liability Backup Program." The supervisory letter is available online. The rule requires each FDIC-insured depository institution that is rated less than satisfactory for Year 2000 compliance on or after July 31, 1999, to maintain a data backup program for certain deposit and loan account information in a standardized electronic format. The rule became effective on July 9, 1999, and sunsets on June 30, 2000.
In early August 1999, the FDIC will notify each affected insured depository institution that will be required to maintain the backup program in format specified by the FDIC.
If you have any questions, please contact, at this Bank, Sarah Dahlgren, Vice President, Bank Supervision Group, or Ira Adler or Joseph Galati, Examining Officers, Advisory and Technical Services, Bank Supervision.
