Oversight of Banking Industry Preparations Ultimately, the boards of directors and senior management of banks and other financial institutions must shoulder the responsibility for ensuring that the institutions they manage are able to provide high quality and continuous services beginning on the first business day in January of the Year 2000 and beyond.
This critical obligation must be among the very highest of priorities for bank management and boards of directors. Nevertheless, bank supervisors can provide guidance, encouragement, and strong incentives to the banking industry to address this challenge.