Joint Press Release
Board of Governors of the Federal Reserve System

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

Office of Thrift Supervision

January 1, 2000

Insured Financial Institutions Operating Normally Following Century Date Change

WASHINGTON, D.C. -- On the first day of the Year 2000, the nation's banks, thrifts and credit unions are conducting business as usual, federal regulators said. No significant disruptions resulting from the century date change have been detected, the regulators added.

The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the National Credit Union Administration are closely monitoring financial institution operating performance during the first week of the Year 2000.

The Federal Reserve reported that the nation's payment systems are functioning well and that currency supplies have been more than adequate to meet demand. Credit cards, debit cards, checks and automated teller machines are all working normally.

For the past three years, federal financial institution regulators have overseen the efforts of banks, thrifts and credit unions as they prepared their computer systems for the Year 2000 century date change.

Media Contacts:
FDIC: Phil Battey (202) 898-6993
OCC: Robert M. Garsson (202) 874-5770
Federal Reserve: Dave Skidmore (202) 452-3204
NCUA: Bob Loftus (703) 518-6331
OTS: Patricia Cinelli (202) 906-6677

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Last update: January 1, 2000