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, and Related Service Providers and Software Vendors:

The Federal Financial Institutions Examination Council (FFIEC) has issued the enclosed statement on "Lessons Learned from the Year 2000 Project." The statement is intended to share those lessons with the industry and ensure that they have lasting value. The FFIEC encourages management to conduct its own review of lessons learned from the Year 2000 effort and incorporate them, where appropriate, into future risk management practices.

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Public Affairs
(212) 720-6130
general.info@ny.frb.org