The Financial Sector
The financial services sector in the U.S. will be prepared for the millennium date change. Automatic teller machines are expected to function correctly, and banks should have adequate cash to meet consumer demand, based on a Federal Reserve estimate that each American household will withdraw an average of $500.
Federal regulators have made considerable progress in tracking compliance among banks, thrifts, and credit unions, 99% of which have received satisfactory government ratings. Regulators are encouraging financial institutions to communicate their preparedness to customers in order to reduce the potential for panic.
The securities industry has responded well to its internal Y2K issues and has undertaken expansive testing. However, fund managers and brokers have only recently started to consider the implication of corporate Y2K vulnerability on investment decisions.
Read the committee report's section on the financial sector's preparations for the year 2000 or read the summary of the last status report issued in March 1999. (Editor's note: the committee's report is in the Portable Document Format (PDF). Click here to obtain an Adobe Acrobat reader to view this file.)