Y2K--Ready or
Not
Although it seems
that everyone is scrambling for a Year 2000 fix, not everyone is
prepared, including one Georgia bank.
State and federal
authorities have issued a cease and desist order to a Georgia holding
company and its three subsidiary banks. The order specifies that
banks must enact a plan to correct Year 2000 computer problems by
late 1997. They then must complete the corrections by August 1998 so
tests can be conducted. Final repairs must be in place by midsummer
1999.
But, while the
government is quick to enforce orders on banks, they too may not be
prepared for 2000. The Office of the Comptroller of the Currency says
they've only completed 500 of the 2000 technology examinations that
are scheduled to be completed by next summer.
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