Michigan's state-chartered banks, savings banks, and credit unions are prepared for the year 2000 according to the Michigan Financial Institutions Bureau (FIB). After more than two years of guidance and at least two on-site reviews each by state or federal examiners, all Michigan state-chartered depository financial institutions are considered ready for Y2K.

"Financial institutions are in the forefront of a comprehensive effort to correct computer system shortcomings related to the millenium date change. I am impressed with their dedication to assuring that quality financial services will continue to be available after December 31, 1999," said Acting Commissioner Mielock.

"Based on the results of our examinations and industry reporting to the bureau, I'm confident Michigan state-chartered depository institutions are Y2K ok," Mielock said.

Don Mann of the bureau's Bank & Trust division reports that "all state-chartered banks and savings banks are considered satisfactorily prepared for the century date change", and Credit Union division's Roger Little says "all state-chartered credit unions have reported meeting their time schedule or have already implemented a 'Year 2000' ready system."

The FIB's efforts, and those of banks, savings banks, and credit unions, are now directed at ensuring that each financial institution has a satisfactory contingency plan in place in the unlikely event something goes wrong with a computer system. These plans are designed to make sure consumers have access to necessary financial services immediately before, on, and after January 1, 2000.

As ordinary and prudent precautions, Acting Commissioner Mielock encourages consumers to keep copies of financial records and receipts, be on guard against Y2K scams, and resist any urge to bulk up on cash. Mr. Mielock also reminds consumers that problem and error resolution processes will continue to be available as usual, including assistance from the FIB if necessary.

The Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) insures deposits in banks, savings banks, and credit unions. "The safest place for your money is in a federally insured depository institution," concluded Acting Commissioner Mielock.

The Financial Institutions Bureau is the primary regulator of Michigan's state-chartered banks, savings banks, credit unions, and over 5,000 other licensed lenders. The Bureau is 100% fee-funded, requiring no public tax dollars for its supervisory, regulatory, licensing, and enforcement activities. The Bureau is an agency within the Michigan Department of Consumer & Industry Services.