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Informational Memorandum
Subject:Year 2000 Business Risk
Date of Memorandum:01/08/1998
Expiration Date:
Office:OE
Signed By:Smith, Roland
FCA Contact Person:Glenn, Thomas
Contact Phone:703-883-4412
List of Attachments: Interagency Statement titled "Safety and Soundness Guidelines Concerning the Year 2000 Business Risk"


INFORMATIONAL MEMORANDUM

January 8, 1998




To: Chairman, Board of Directors
The Chief Executive Officer
Each Farm Credit Institution

From: Roland E. Smith, Chief Examiner Roland E. Smith
Office of Examination

Subject: Year 2000 Business Risk


Recently the Federal Financial Institutions Examination Council (FFIEC) issued the attached Interagency Statement titled “Safety and Soundness Guidelines Concerning the Year 2000 Business Risk.” Additional copies may be obtained through the Farm Credit Administration (FCA) Home Page. The purpose of the Interagency Statement is to outline the responsibilities of the board of directors and senior management for addressing the business risks associated with the Year 2000 problem. Although certain items discussed may not be fully applicable to Farm Credit institutions, the overall intent of these safety and soundness guidelines is appropriate and will be utilized by FCA examiners in assessing institutional performance.

Please be advised that the Year 2000 problem is more than a technology issue. Instead, it presents an institution-wide challenge that must have the active involvement of the board of directors and senior management to effectively resolve.

If you have any questions concerning this Informational Memorandum or the attached guidelines, please contact Tom Glenn at (703) 883-4412.

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