Year 2000 Readiness of Service Providers and Software Vendors - Circulars

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Circular

Year 2000 Readiness of Service Providers and Software Vendors

November 3, 1998

Circular No. 11108

To the Chief Executive Officers of All State Member Banks, Bank Holding Companies, Edge and Agreement Corporations, and State-Chartered Branches and Agencies of
Foreign Banks, in the Second Federal Reserve District:

The Federal Reserve and the other member agencies of the FFIEC participate in coordinated interagency information technology reviews for approximately 250 selected national and regional service providers and software vendors that are relied upon by financial institutions for mission-critical information services and software applications. In March 1998, the FFIEC member agencies announced that they would begin distributing results of Year 2000 reviews of service providers and consenting software vendors to serviced financial institutions (see Circular No. 11043). Financial institutions may use this information in assessing their service provider and software vendors' Year 2000 progress and in determining whether it is necessary to seek alternative services to meet the century date change. All service providers and software vendors in the review program have received an initial examination. In almost all cases, review reports and ratings have been issued, and have been distributed to supervised client institutions by the appropriate banking agency.

You may review the list to determine whether your institution has received Year 2000 review reports for service providers and software vendors for which you were a client at the time of the review. If a pertinent report has not been received, you may contact your supervising Reserve Bank to request further information. If it is determined that your institution was on the customer list provided by the service provider or software vendor at the time of the review, the

Reserve Bank should provide you with a copy of the open section of the Year 2000 review report and rating. Additional information on report distribution and the Federal Reserve's supervision of service providers and software vendors can be found in SR 98-15 and SR 98-17.

If there are any questions pertaining to this letter, please contact, at this Bank, Joseph Galati, Examining Officer, Advisory and Technical Services, or Judi Brown, Senior Business Support Analyst.

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