To the Chief Executive Officers of All State Member Banks, Bank Holding Companies, Edge Corporations, and State-Chartered Branches and Agencies of Foreign Banks, and Others Concerned, in the Second Federal Reserve District:
Enclosed is the interagency statement issued by the Federal Financial Institutions Examinations Council (FFIEC) alerting financial institutions to the risks associated with the operation of information systems as the year 2000 approaches. It is important to note that the risk applies equally to all computer platforms, operating software, and application programs, including purchased software or outsourced operations.
In light of the importance and operational impact of this concern, management's commitment to address these risks in a timely manner will be significant. Examiners will review plans and progress on actions being taken to address the issues posed by the year 2000 on all future examinations.
Questions should be directed to Joseph L. Galati II, Examining Officer, or Thomas W. Wines, Examining Officer, in the Bank Supervision Group.