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 down-link 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.
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 roll-out to financial institutions later this year. Additional information on this new encryption standard will be available in the next few months.