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The Federal Reserve Bank of Atlanta published a report in the fall of 1996 regarding the Fed's status. Almost nothing had been done. I have cited this report in printed documents, but now there is a link available. No matter what you hear about things being OK, this document should motivate you to get moving. (FINANCIAL UPDATE, Oct./Dec. 1996, p. 3.)
If a task force could solve the problem, we would have more committees and less risk.
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"A task force has been formed to develop and coordinate strategies for assessing how well Federal Reserve systems currently comply with century date processing standards. The task force will also address where system changes will be needed and will define a strategy for making the necessary changes. The Fed expects to develop a project plan by the end of the year that will include when the required changes will be scheduled and tested."
Note: the California White Paper estimates that the project plan and solutions phase constitutes 15% of the overall repair project. As yet, the Fed has not completed this preliminary phase. If the Fed means "assessment" (5%) rather than the actual plan, then at least 98% of its task lies ahead.
"The evaluation of the impact that the century date change will have on Federal Reserve computer systems encompasses a broad range of activities, including business applications, services, and electronic access methods (such as Fedline and Computer Interface). The evaluation will also focus on all vendor-supplied operating systems, software, and hardware. These elements, and their interfaces relative to the century date change, are important segments of the project."
This sounds like "assessment" to me. They have barely begun.
"The Federal Reserve will continue to provide depository financial institutions with timely information about software changes and testing when required."
The Fed needs to get its own systems repaired. Timely information for commercial banks is barely on the list of things the Fed needs to do to save the banking system.
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