Federal Financial Institutions Examination Council
|For Immediate Release||July 6, 1998|
FFIEC Issues Customer Brochure on Year 2000
WASHINGTON, D.C. -- The Federal Financial Institutions Examination Council (FFIEC) issued a customer brochure on the Year 2000 date change. The brochure, entitled The Year 2000 Date Change, answers eight commonly asked questions concerning the effect of the Year 2000 date change. The questions cover the effect of the Year 2000 date change on federal deposit insurance coverage, steps financial institutions and the regulatory agencies are taking to minimize the effect of the Year 2000 date change, and steps customers should take to prepare for the Year 2000.
The brochure briefly describes the efforts of financial institutions in adopting and implementing plans to ensure their readiness for the Year 2000, including timetables for completing specific steps well before January 1, 2000. The brochure underscores that the Year 2000 date change will have no effect on deposit insurance coverage.
The brochure follows FFIEC guidance in May on customer awareness for the Year 2000. That guidance underscored the need for banks, savings associations, and credit unions to communicate effectively with customers on the Year 2000 by addressing customer concerns, including the safety of money in customer accounts, access to funds, and customer concerns about withdrawing funds prior to the date change. The guidance in May 1998 also encouraged financial institutions to develop pragmatic strategies for responding to customer inquiries about the institution's Year 2000 readiness. Specifically, the customer awareness guidance advised financial institutions to provide written disclosures on the date change, to establish toll-free hot lines for customer inquiries, and to develop Internet sites for providing information on the date change to customers.
Distribution of the brochure to banks and savings associations will be undertaken by the Federal Deposit Insurance Corporation. The National Credit Union Administration will distribute the credit union version of the brochure to credit unions in several weeks. The brochure is also available on the Internet site of the Federal Financial Institutions Examination Council at www.ffiec.gov and the Federal Deposit Insurance Corporation at www.fdic.gov/consumers/index.html. Single copies are available by faxing a request to (202) 416-2076, sending a request by E-mail to email@example.com, or writing to the FDIC Public Information Center at 801 17th Street, N.W., Room 100, Washington, D.C. 20434.