Financial Update (July-Septemer 1997)
Fed Publishes Date Change Newsletter
to Assist In Year 2000 Preparations
he Federal Reserve is publishing Century Date Change News, a newsletter that gives Fed customers information about the effect of the year 2000 on automated systems. Because of the way dates have been coded into computer hardware and software the move to the year 2000 will affect automated systems in all industries worldwide.
The Atlanta Fed is currently working with banks and financial institutions in the Sixth District to make sure they are addressing century date change issues, such as planning, budgeting and establishing a time line to test their systems for date change compliance. The Atlanta Fed's supervision and regulation division is conducting supervisory reviews at banks and financial institutions throughout the District. The Fed is also taking steps to ensure that all of its own systems are century-date compliant and that there will be no problems when the year 2000 arrives.
In addition to the CDC newsletter, the Fed is publishing bulletins that provide timely information on specific date change issues. A video has also been produced by the Fed and sent to banks and financial institutions to make them aware of the CDC issue.
The CDC newsletter, as well as other information on the issue, is available on the World-Wide Web at http://www.frbsf.org/fiservices/letters/ea/1999ltrs/index.html. To receive a hard copy of the newsletter or for specific application information related to CDC or the Sixth District's plans, contact the local business development office.