The Federal Financial Institutions Examination Council (FFIEC) first brought the attention of the banking industry to the Year 2000 problem in 1996 (Year 2000 Project 1), but the Year 2000 problem originated many years ago. As a result of limited space, programmers in the 1960s and 1970s began using abbrevia· tions and codes to represent longer words, phrases, and numbers (FDIC Consumer News-Fall 1998 2). This shorthand method of indicating dates continued into the computer era and has worked fine until now. On January 1, 2000, things will not be so simple. If the date is recorded in a computer simply as "O 1-01-00," the "00" could be read by the computer to be "1900," not "2000." That mis· take could lead to malfunctions unless computer systems are repaired to process dates correctly in the Year 2000 (FDIC Consumer News-Fall 1998 2). The FFIEC and the Federal Deposit Insurance Corporation (FDIC) have monitored and reviewed the preparations of financial institutions for Year 2000. These two agencies have required that institutions meet key mile· stone dates and complete five phases of preparation: Awareness, Assessment, Renovation, Validation, and Implementation. Financial institutions have met this challenge successfully and are ready to face the Year 2000 with confidence.
"Year 2000 and the Banking Industry*,"
The Corinthian: Vol. 2
, Article 5.
Available at: http://kb.gcsu.edu/thecorinthian/vol2/iss1/5