Century Date Change

Fed Facts

Year 2000 Teleconference Videos Available

More than 200 bankers participated in a Year 2000 teleconference Dec. 14 at the St. Louis Fed and its three branches. Approximately 100 additional bankers viewed the teleconference through downlink sites at universities and banks around the Eighth District.

Last month, the Fed sent a video of the teleconference, including the question-and-answer session, to those financial institutions that registered to attend. Additional copies are available, free of charge, by calling Bernie Berns at (314) 444-8321.

Fed Working to Upgrade Data Security

To upgrade the security and integrity of data transmitted between the Federal Reserve and financial institutions, the Fed is evaluating several alternative encryption methods. The Fed is pursuing a retrofit solution for existing encryption boards through software modifications.

The Fed currently is working with its encryption suppliers to finalize and test the retrofit solution for rollout to financial institutions later this year. Additional information on this new encryption standard will be available in the next few months.