Academic journal article ABA Banking Journal

Countdown to Year 2000

Academic journal article ABA Banking Journal

Countdown to Year 2000

Article excerpt

The banking industry has invested billions of dollars and thousands of hours making sure its systems will work and customers' accounts will be safe on Jan. 1, 2000, ABA told Congress.

Scott Anderson, president and CEO, Zions First National Bank, Salt Lake City, and a member of the ABA Communications Council, told the House Ways and Means Committee in February that banks' readiness for the calendar change stems from his industry's long experience coping with natural disasters, an emphasis on contingency planning, strict oversight by the federal regulatory agencies, and ongoing banker monitoring of outside vendors and business.

"The safest place for your money is in the bank," said Anderson. "Checks are already Y2K compliant and will work anywhere."

The Y2K challenge is not just a technology issue, and bankers recognize the importance of the business and communication challenges that go along with it. Congress, government, and the regulators have a special role to play in disseminating accurate information about Y2K, Anderson testified. Congress could be more helpful by enacting broader Y2K liability protection laws to protect businesses, like banks, that are aggressively preparing for Y2K, he said.

ABA is working with a coalition of business groups to advise Congressional members on the content of the bill and seek their endorsement.

"Being prepared is more than just a banking issue," Anderson added. "Success depends upon all sectors of our economy--including energy, telecommunications, transportation, and public utilities--pulling together to keep the fabric of our community and our economy solid and trustworthy. …

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