"Y2K Update: Missed Deadlines" headline in today's OKC paper.

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This was in today's Business section of "The Daily Oklahoman" (the first y2k article in over a week):

"Some 32 percent of banks and savings and loans responding to a Year 2000 survey admitted they missed a critical deadline for compliance, according to Weiss Ratings Inc., a Florida company issuing financial safety grades for banks and S&Ls and ratings for insurers.

"The institutions reported they did not complete remediation and testing of internal mission-critical systems by Dec. 31, according to Weiss. About 20 percent do not anticipate completion until March. Federal regulators required that testing of "mission-critical systems should be substantially complete" by Dec. 31.

"According to Weiss, the survey results contradict recent assurances from banking regulators that only 4 percent of banking institutions have been rated unsatisfactory or need improvement.

"As of early February, 909 banks and thrifts had responded to the survey. Among them, only 620, or 68 percent, said they had completed the required Y2K fixes on all internal mission-criticl systems by Dec. 31, while 289, or 32 percent, said they had missed the deadline."

I am always looking for confirmation-anything solid-that I can give to my husband who is not quite convinced. Does anyone have any info on Weiss Ratings Inc.? Thanks, Linda

-- newbiebutnodummy (Linda@home.com), February 23, 1999


No info on Weiss but a friend of mine in the SF Bay Area was hired to straighten out inventory control in a large food distribution warehouse, then the y2k problem came up and she was to be ready by January. Talked to her yesterday and she failed the test and does not know when they will be able to fix the problem. She says it is to depressing to talk about it.

-- Mark Hillyard (foster@inreach.com), February 23, 1999.


I posted this on another thread recently. The link is dead now, but there is a little bit of information in the article on the kind of work Weiss Ratings does. You could probably use a search engine to find out more about Weiss.

[from a recent thread]

"Over 30% of Banks Admit Missing Y2K Deadline, Contradicting Government Assurances"


[begin article]

PALM BEACH GARDENS, Fla. -- (BUSINESS WIRE)--Feb. 10, 1999--Among banks and S&Ls responding to a Weiss Y2K readiness survey mailed Dec. 30, 1998, a suprisingly large percentage -- 32% -- admit that they missed a critical Y2K deadline.

These institutions report that they did not complete remediation and testing of internal mission-critical systems by Dec. 31, 1998. Furthermore, 20% do not anticipate completion until March. This implies a failure to comply with the federal requirement that "testing of internal mission-critical systems should be substantially complete" by Dec. 31, 1998. (a)

This finding directly contradicts recent assurances from banking regulators that only 4% of banking institutions have been rated "unsatisfactory" or "needs improvement."

"I don't understand how the authorities can give 'satisfactory' Y2K compliance ratings to institutions that have apparently missed a critical compliance deadline," commented Martin Weiss, PhD., chairman of Weiss Ratings, Inc. "I personally believe the authorities are either using outdated information in their pronouncements or simply sugar-coating the truth. In the long run, I feel this can only damage their credibility and create the conditions for the very consumer panic everyone wants to avoid."

To date, 909 banks and S&Ls have responded to the Weiss survey. Among these, only 620 (68%) stated that they had completed the required Y2K fixes on all internal mission-critical systems by Dec. 31, while 289 (32%) reported that they had missed the deadline. Among these, 184 institutions (20% of the respondents) stated that they did not anticipate completing the fixes until after Feb. 28.

Final results of the Weiss survey with additional analysis will be released in early March.

"Furthermore," Weiss adds, "we must assume that, on average, institutions that did not respond to our survey are more likely to be late in fixing their Y2K problems than those that that did."


Weiss Ratings Inc. issues financial safety grades on over 16,000 banks, S&Ls, insurers, HMOs, Blue Cross/Blue Shield plans, and security brokerage firms.

(a) The Federal Financial Institutions Examination Council (FFIEC), which coordinates various banking regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of Comptroller of the Currency, clarified this requirement in an Aug. 28, 1998 email to bank CEOs, entitled "Year 2000 Questions And Answers," stating: "The FDIC expects each financial insitution to meet the following key milestones in the Year 2000 testing process by the date indicated: ...Dec. 31, 1998 -- testing of internal mission- critical systems should be substantially complete."

[end of article]

-- Kevin (mixesmusic@worldnet.att.net), February 23, 1999.

Linda, Tis a sad state of affairs, that is for sure. What is even worse is the "Daily Disappointment" doesn't seem to want to carry any of the stories re Y2K. But on the good side, in a couple of weeks, they are going to have a full section in the Sunday paper. Can hardly wait. Donna

-- (cannot-say@this.time), February 23, 1999.


Here's what you're looking for:


"Weiss Ratings, Inc."

-- Kevin (mixesmusic@worldnet.att.net), February 23, 1999.


There's still a live link to that article. Here it is:


-- Kevin (mixesmusic@worldnet.att.net), February 23, 1999.

Kevin-Thanks for the link. I have come to depend on your posts for solid and verified information.

Donna-how do you know about the upcoming feature? Sorry we couldn't get together via e-mail. I never could get it to work. I may not be a dummy about y2k but that's an apropos title for me as concerns computers. Linda

-- newbiebutnodummy (Linda@home.com), February 23, 1999.

Linda, I know about the upcoming section in the paper from either this past Sunday's or the Sunday before. They had a small blurb in it that mentioned a week (sorry that I cannot remember the exact weekend) that they would have a Y2K section.

Oh... and I am still trying to figure out a way to allow us to contact one another, without either one of us having to post info here that we don't want to. Donna

-- (cannot-say@this.time), February 23, 1999.


Weiss publishes a newsletter, "YEAR 2000 ALERT", finnancial advise. Subscription costs are: 49$ - Intro, $98 - 2yr. They will rate your bank over the phone when you subscribe. The 2yr sub will inform you of any change in (your choice) three institutions. 1-800-317-6278. It also includes reports that Y2K-proof money,investments,and home.

Martin Weiss Sr. made a fortune in the 1929 crash. I assume he taught his son the methods to use. I don't subscribe,have to many already. Hope this helps. LR

-- LR (Observer@Large.com), February 23, 1999.

Linda and Donna, the solution to your problem is easy.

Set up a free email account out of one of hundreds:


Set up your respective email addresses, anonymously if you choose, and then you can post those addresses on the forum. They will not give away your real email addresses, but are also not totally private for someone who has the knowhow and equipment (govies), as you have to get real sneaky to have total privacy.

-- (mass@delusions.com), February 24, 1999.

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