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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.