The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
7/25/24, 9:23 AM FRB: Press Release -- First enforcement action addressing Y2K compliance against Putnam-Greene Financial -- November 17, 1997 Release Date: November 17, 1997 For immediate release The Federal Reserve Board today announced the issuance of its first enforcement action to address the Year 2000 compliance issue. A Cease and Desist Order was issued by the Board against Putnam-Greene Financial Corporation, Eatonton, Georgia, a bank holding company. This action was coordinated with the Federal Deposit Insurance Corporation and the Georgia Commissioner of Banking and Finance, who jointly issued Cease and Desist Orders against Putnam-Greene�s three subsidiary banks. The Federal Reserve�s Order is primarily designed to ensure that Putnam-Greene establishes and implements an adequate electronic information system and that all of the computer-related operations that the company performs for itself and its three subsidiary banks will continue to function effectively after the century date change on January 1, 2000. A copy of the order is attached. Order (389 KB PDF) 1997 Enforcement actions Home | News and events Accessibility Last update: February 11, 1998, 12:00 PM https://www.federalreserve.gov/boarddocs/press/enforcement/1997/19971117/ 1/1