| For immediate release |
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The Federal Reserve Board today announced procedures to manage changes to its information systems in 1999 and the first quarter of the Year 2000. The change management procedures were developed in conjunction with the Federal Reserve's Century Date Change Project. The procedures establish guidelines to limit Federal Reserve policy and operational changes as well as internal hardware and software changes during late 1999 and early 2000.
The Federal Reserve plans to complete renovation and testing of its critical information systems by year-end 1998. Subsequent changes to Federal Reserve policies, rules, regulations, and services could impair the Year 2000 readiness of critical information systems. The procedures are designed to balance the need to support changes to critical business processes with the need to limit changes to information systems during this critical period. Governor Edward W. Kelley, Jr., Chairman of the Federal Reserve Board's Committee on Federal Reserve Bank Affairs, stated "By limiting these changes to its systems, the Federal Reserve will also minimize changes that its customers could be required to make to their applications that interface with Federal Reserve System software. In addition, we intend to coordinate our activities with other institutions that typically generate policy and operational changes in the financial industry." In that spirit, the Federal Reserve will disseminate its guidelines to assist other organizations that establish rules, regulations and standards for the financial services industry. A summary of the change management procedures is attached. |