The Financial Sector
ATMs 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. 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.
The financial services sector ranks ahead of nearly all other industries in its remediation and testing efforts. Legislation in Congress and action by the committee have led to legal requirements on broker-dealers and publicly traded companies to disclose compliance information.
Federal regulators have made considerable progress in tracking compliance among banks, thrifts and credit unions, of which 95 percent have received satisfactory government ratings.
Read the committee report's section on the financial sector's preparations for the year 2000. (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.)