Insured Financial Institutions Operating Normally Following Century Date Change : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Joint Release

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

Board of Governors of the Federal Reserve System

National Credit Union Administration

Office of Thrift Supervision

FOR IMMEDIATE RELEASE -- January 1, 2000


Insured Financial Institutions Operating Normally Following Century Date Change

WASHINGTON, D.C. -- On the first day of the Year 2000, the nation's banks,thrifts and credit unions are conducting business as usual, federal regulators said. No significant disruptions resulting from the century date change have been detected, the regulators added.

The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the National Credit Union Administration are closely monitoring financial institution operating performance during the first week of the Year 2000.

The Federal Reserve reported that the nation's payment systems are functioning well and that currency supplies have been more than adequate to meet demand. Credit cards, debit cards, checks and automated teller machines are all working normally.

For the past three years, federal financial institution regulators have overseen the efforts of banks, thrifts and credit unions as they prepared their computer systems for the Year 2000 century date change.

-- Cherri (, January 01, 2000


Here at our Credit Union, we've been contacted by the NCUA on a regular basis to evaluate our Y2K readiness. While they have gotten into the act, we were already working towards Y2K readiness before they jumped in.... because I attended a seminar on Y2K and other related issues whose speakers were (among others) Dr. Yardeni and Peter De Jaeger. I credit those men and others, like Sanger/Shannon for alerting us to Y2K's issues and possible effects. I'm aware of Lord and North, etc. but only as being on the extreme end of the issue. And certainly, I never visited their sites enough to have them be given *any* credit for our Y2K awareness...

-- Tom (, January 01, 2000.

I wonder how many "die-hards" read this post and immediately knee- jerked into wanting to shout it down as nothing more than spin, lies, gubmint coverup, etc.

Which reminds me... Hey "Linkmeister", can ya give us a few links to this forum's discussions of the NERC reports?

-- CD (, January 01, 2000.

"I wonder how many "die-hards" read this post and immediately knee- jerked into wanting to shout it down as nothing more than spin, lies, gubmint coverup, etc."

How did you get THAT idea CD.. maybe because it is what immediately occurred to YOU as well when you read it? :-)

Go ahead and call me a die-hard if it makes you happy (as if I care), but you guessed it, that's exactly what I think. All I have to do is look at the SOURCE of the article and it's obvious.

-- Hawk (flyin@high.again), January 01, 2000.

You don't have to hang around this forum any too damn long to predict what the knee jerks will say. They always say the same thing.

But where is Andy to start ranting about corrupt imported data? Surely he hasn't tired of calling everyone a moron who gets it right?

-- Flint (, January 01, 2000.

No transactions have posted since the rollover and none will post until Monday night.

Check back on Tuesday...


-- Roland (, January 01, 2000.

Ms. Cherri,

Thanks for the post/news.

I have a lot riding on this, so I'll believe it if you will. :o)

Of course, if the banks went TU we would have more problems than just my da*n TBills & CDs, now wouldn't we?

Happy New Year.


-- sweetolebob (, January 01, 2000.


How do you conclude that it is a "knee-jerk" reaction to not trust the government when they have consistently deceived us for centuries, and people like Andy and I have not changed our position on this view for one instant?

Perhaps you can explain to me how it takes several months for the government to come up with the so-called "economic indicators" (that no one else seems to have any certain idea of, until the very instant when Greenspin decide to bless us with this infinite knowledge, to which only he is privy) and then in less than 12 hours since the rollover, they already know for sure that ALL of the 500,000? (don't know the number, but I know there are a lot) PRIVATELY OWNED banks, thrifts, and credit unions in the ENTIRE nation are "conducting business as usual"??

-- Hawk (flyin@high.again), January 01, 2000.

Roland.... We are posting transactions, as is everyone else... ATM and debit transactions. And I've already posted manual transactions as a teller, here at my Credit Union. Also, we have Audio response for transfers and live account balances... EDS is sending updates on their network, as our ATM/Debit processor, every 4 hours... and so far, only minor issues related... and fixed, about 6 hours ago...

-- Tom (, January 01, 2000.

Hawk - Because they're all under government requirements to report back to their appointed agency. I have already, as a Credit Union I.S. Manager. If I hadn't, they would have come after me and the other management here.

-- Tom (, January 01, 2000.


Then explain to me why anything I deposit after 2:00 pm on Friday will not post to my account until batch processing completes on Monday evening.


-- Roland (, January 01, 2000.

Tom, read what Roland said... is that not true? You mean to tell me that all of the grocery stores and businesses that are accepting checks have already processed them and confirmed that they have all cleared, when these financial institutions are not even open for business yet? How the hell can they be "conducting business as usual" when they are NOT EVEN OPEN for business? Today is a national holiday, THEY ARE ALL CLOSED, and the results of any of these transactions will not be confirmed until at least sometime Monday! It's an outright LIE! I suppose just because they put the words "WASHINGTON D.C." on their stupid press report, we're all supposed to bow down and conclude... "oooh, it is the almighty government, and they know EVERYTHING that is happening, before any of us morons could possibly know."

-- Hawk (flyin@high.again), January 01, 2000.

Hawk and Roland - You are correct in your understanding of *checks*. As you'll note in my reply, I was referring to "posting", not specifically of checks, but of MONEY. Our checks will come in Monday, as your will, by batch. And maybe *your* FI will have a problem with that... but ours won't... we tested this morning... with the Corporate Credit Union that sends us our checks... and so we know that the *same* file (which was sent as a test, and posted and reversed) will work just fine. Granted, I can speak only for my Credit Union... and there are just too many other FI's out there to verify each independently... but I do know that all the Credit Unions I deal with had similar test plans... to make sure we know about problems (if any) today, not on Monday!

-- Tom (, January 01, 2000.

Sounds like a shill.

-- (, January 01, 2000.


Buried in Tom's polite and informed replies is the key to *why* you never know what you're talking about. Can you find it?

-- Flint (, January 01, 2000.

Flint you are just a mindless chameleon. You never have any opinions of your own, you just play information like a numbers game, always choosing the viewpoint which statistically gives you the best odds of being right. It's easy for you to say I don't know what I'm talking about because you are a shill for this government manipulated information, but if none of us question authority we would all just become more sheeple in the herd like you, being blindly led whichever direction they want to lead us.

-- Hawk (flying@high.again), January 01, 2000.


I'm also a firm believer in questioning authority. But sometimes the answer to the question is that the authority is right. Not always, not even usually. But the possibility can't be ruled out until you have enough information to know better. Who knows, the authority may have gotten it right by accident, *believing* they were lying!

YOUR idea of "questioning" authority has nothing to do with questions, and everything to do with mindless attacks. You START by assuming the authority is lying, marry your ego to this conviction, and find yourself unable to change it, facts be damned. Maybe in your line of work, being right as often as possible is useless. But I'm a problem solver by profession, and solving problems requires logic, not passion and *certainly* not being a knee jerk.

You will notice that Tom had to correct you twice. After which you went after someone else to attack, having learned nothing. And you're always going to be wrong if you start with false assumptions and are unable to change them, unwilling to even consider changing them. As the old saying goes, the wonderful thing about being stupid is, you don't have what it takes to realize it!

-- Flint (, January 01, 2000.

Sheeesh, I can see why every thread that Flint gets involved in ends up being a mile long. You just evade the whole point of the argument and find another angle of attack. Is this what you mean when you say Tom had to "correct" me?? ...

"Granted, I can speak only for my Credit Union... and there are just too many other FI's out there to verify each independently..."

How is that different from what I've been saying all along, that this report is an outright LIE??

You just continue to try to pull the wool over our eyes. What you are trying to get me to believe is like saying that just because your car is running, and is capable of taking you to the gas station, that the gas station will definitely be able to supply you with gas when you get there, even though they are closed!

There are are at least two parties involved in all of these transactions Flint, and until the transactions are completed in REAL TIME, it is impossible to conclude that everything is "working normally." That is why they call them "systems" Flint, because they do not operate independent of each other.

-- Hawk (flyin@high.again), January 01, 2000.

Ummm, gentlemen... The inability to verify transactions is *my* inability, not the NCUA's, nor the FFIEC's... if they can contact me,using the information I was required to provide to them, then they can do that with the rest. I would NOT agree that the statement from the government is a "LIE". But it is only accurate as far as *they* required **us** to test. Which, in my case, was described above...

-- Tom (, January 04, 2000.


Again, you appear to be supporting a completely absurd concept, though I'll hear you out. How exactly did they contact you, what questions did they ask, and how long did it take to provide the answers?

-- Hawk (flyin@high.again), January 04, 2000.

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