Capital Briefs: Most Credit Unions Seen Ready for 2000

Thirty percent of the nation's 10,807 credit unions have overhauled their computer systems and are ready for the year-2000 date change, the National Credit Union Administration said Wednesday.

Another 69% of the industry is expected to finish installing and testing their systems by July 31, the NCUA said.

"The remaining 1% which had not completed testing their systems as of July 2 are under close NCUA supervision," the agency said.

"We are continuing to monitor credit unions' progress on a weekly basis," NCUA Chairman Norman E. D'Amours said in a prepared statement.

"Financial institutions have a strong track record for dealing with computer problems, power outages, and the like and will be well prepared to handle any glitches that occur," he added.

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