Oops! Y2K Snafu

Just days after FDIC Chairman Donna Tanoue urged the industry to tell their success story for Y2K and build customers' confidence in the preparedness of banks, the FDIC dealt itself a blow. The FDIC's Inspector General - the internal audit arm designed to keep agencies honest - announced its findings that the FDIC examinations have not been doing an adequate job of assessing the industry's preparedness for Y2K. Oops!

Copyright © 1999 Compliance Action. Originally appeared in Compliance Action, Vol. 4, No. 4, 4/99