Comptroller of the Currency Ludwig is testifying today as Chairman of the FFIEC to describe the interagency Year 2000 supervisory initiatives of all of the five member agencies (Federal Reserve, OCC, FDIC, OTS and NCUA), so I will limit my comments on the Federal Reserve’s supervisory efforts.
In May of this year, the Federal Reserve and the other regulatory agencies developed a uniform Year 2000 assessment questionnaire to collect information on a national basis. Based on the responses and other information, we believe the banking industry’s awareness level improved substantially during 1997 and is reflected in the intensified project management, planning, budgeting, and renovation efforts that have been initiated.