Insured Financial Institutions Operating Normally Following Century Date Change

Joint Release

Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Board of Governors of the Federal Reserve System
National Credit Union Administration
Office of Thrift Supervision

WASHINGTON, D.C. — On the first day of the Year 2000, the nation’s banks, thrifts and credit unions are conducting business as usual, federal regulators said. No significant disruptions resulting from the century date change have been detected, the regulators added.

The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the National Credit Union Administration are closely monitoring financial institution operating performance during the first week of the Year 2000.

The Federal Reserve reported that the nation’s payment systems are functioning well and that currency supplies have been more than adequate to meet demand. Credit cards, debit cards, checks and automated teller machines are all working normally.

For the past three years, federal financial institution regulators have overseen the efforts of banks, thrifts and credit unions as they prepared their computer systems for the Year 2000 century date change.