Most large organizations are actively engaged in the renovation and testing of their mission critical systems. Smaller organizations are working closely with their service providers in an effort to confirm the readiness and reliability of the services and products on which they depend. Similarly, many of the US offices of foreign banks are heavily dependent on their parent bank for their Year 2000 readiness.
4. Supervision Follow up To address deficient organizations, the Federal Reserve is issuing a confidential Deficiency Notification Letter to those rated less than satisfactory with respect to their Y2K readiness program. We call for a corrective action plan and put the organization on a 30-day reporting regimen to monitor its progress.