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Nicholas Retsinas, Director of the Office of Thrift Supervision, testified to the Senate Banking Committee on July 30. His testimony was mostly fluff: very few specifics, mostly hopes and dreams and assurances of good things to come, Real Soon Now.
He did make this observation: part of the thrift industry is not beyond the awarness stage, with part of it into the asessment stage. Note: the California White Paper rates awareness at 1% and assessment at 5% of the overall project.
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In general, thrifts have a good sense of awareness of the Year 2000 problem, and thrift management is actively involved in addressing the scope of the potential issues, developing strategies and remedial plans. This holds true for smaller as well as larger institutions. Most thrifts have appointed an officer or committee to spearhead their Year 2000 efforts.
Although awareness levels are typically high, some of the responses suggest that thrift management may not be fully attuned to the critical time sensitivities associated with this issue, particularly where processing is performed by service bureaus. This indicates the need for further follow-up with the industry in the form of additional guidance and enhanced supervision, and we will respond accordingly (p. 5).
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