Year 2000 Supervision Program
November 24, 1997
Circular No. 10996

To the Chief Executive Officers of All State Member Banks, Bank Holding Companies, Edge and Agreement Corporations, Branches and Agencies of Foreign Banks, and Others Concerned, in the Second Federal Reserve District:

The enclosed letter (SR9729) -- from the Director of the Board of Governors' Division of Banking Supervision and Regulation to the Officers in Charge of Supervision at the Federal Reserve Banks -- contains important information on the Federal Reserve System's Year 2000 supervision program. It is being distributed to banking organizations supervised by the Federal Reserve and to other interested parties because it provides guidance pertaining to Year 2000 examinations, examiner risk assessments, possible supervisory follow-up actions, treatment of Year 2000 issues in the context of applications, consumer-related information systems, international coordination and other Year 2000 issues.

It is suggested that the letter be distributed within your organization to senior management and others with responsibility for preparing for the Year 2000. Additional information pertaining to the Federal Reserve's Year 2000 supervision program is available from the Board of Governors'.

Should you or your staff have any questions regarding this matter, please contact Sarah Dahlgren, Assistant Vice President, or William Francis, Examining Officer, at this Bank.