YEAR 2000 COMPUTING CRISIS: Federal Deposit Insurance Corporation's Efforts to Ensure Bank Systems Are Year 2000 Compliant

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Summary: We are pleased to be here to discuss the progress being made by the Federal Deposit Insurance Corporation (FDIC) in ensuring that the thousands of banks it oversees are ready for the upcoming century date change. If Year 2000 issues are not adequately addressed, key automated bank systems-affecting trillions of dollars in assets, transactions, and insured deposits-are subject to serious consequences ranging from malfunction to failure. Such consequences would at the very least cause significant inconveniences to both banks and their customers. More significantly, system failure could lead to bank closings and serious disruptions to both the banking community and bank customers. Further, we will be discussing the progress FDIC is making in addressing Year 2000 concerns for its own internal systems. This testimony is the second in a series of reports you requested on the status of efforts by federal financial regulatory agencies to ensure that the institutions they oversee are ready to handle the Year 2000 computer conversion challenge. We also recently testified and reported on the status of the National Credit Union Administration's efforts

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