STORY:
Banks Beating Y2K Bug With Help

Just 205 of the 10,400 banks insured by the Federal Deposit Insurance Corporation are now rated less than satisfactory in regard to their Y2K compliance, down from 357 at the end of March, the agency said.

According to a Reuters story, the FDIC is asking all institutions that did not achieve a satisfactory Y2K rating by July 31 to keep computer copies of key deposit and loan information in a standardized format.

Banks routinely keep backup copies of the data stored in their computer systems but often record different information and in different ways. The FDIC interim rule, which would come into effect after a 30-day comment period, sets out what information should be backed up and how it should be stored.

The information would include items like account status, branch, account and tax identification numbers, customer names and addresses, account balances and accrued interest.

The FDIC estimates the cost of compliance at around $17,500 per bank.

Source: Reuters

DATE: 6/07/99

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