Interagency Statements and Other Guidance The Federal Financial Institutions Examination Council(FFIEC) - composed of the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration has issued a series of six advisory statements since June 1996, including statements on the BIS Review 37/1998  ˝  -8-  Year 2000 effect on computers, project management, business risk, readiness of service providers, guidance to address customer risk, and testing for readiness.
An advisory on contingency planning is being prepared. As a result of these advisory statements, the industry’s awareness and the extent of its remediation efforts have significantly increased over the past two years.