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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Joseph E. McIsaac who wrote (547)	11/30/1997 5:30:00 PM
From: Joseph E. McIsaac	Respond to of 9818

From the American Bankers Association aba.com REGULATORS ADDRESS YEAR 2000 COMPLIANCE RULES Tough talk by regulators on preparing for the Year 2000 came to a head as state and federal authorities clamped a cease-and-desist order on a Georgia holding company and its three subsidiary banks. The order from the regulators specified the banks must put in place a plan to correct Year 2000 computer problems by late this year. They must complete corrections by next August to allow testing to begin, and final repairs must be in place by midsummer of 1999. Regulators say they're taking the Year 2000 problem very seriously, and more banks are likely to be taken to task in coming months as examiners work their way through the industry. At the Office of the Comptroller of the Currency, officials say they've so far completed only 500 of some 2,000 technology examinations that are slated to be done by next summer, so you can expect regulatory pressure on the Year 2000 problem to continue accelerating steadily in coming months. Incidentally, ABA staff have been tracking the experts' predictions of what Year 2000 compliance might ultimately cost, and they tell us the consensus so far is a $4 billion price tag for the banking industry. That's a whopping figure, but still less than two percent of anticipated pretax income for the two-year period.