In Brief: FDIC Urges Bank Silence on Year-2000 Grade

The Federal Deposit Insurance Corp. told banks it regulates not to disclose their year-2000 ratings to customers, financial ratings firms, or fidelity bond carriers.

Year-2000 ratingsare governed by the same confidentiality rules that apply to safety-and-soundness and compliance exams, the FDIC said Wednesday, in the first guidance on the matter issued by a bank regulator.

The agency also advised institutions not to disclose the ratings of their service providers or vendors. However, it urged banks to publicize their overall year-2000 compliance efforts.

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