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Article: Ludwig Says Banks Lagging On the Year-2000 Problem.(Comptroller of the Currency Eugene A. Ludwig, computer date problem)
- Article from:
- American Banker
- Article date:
- November 5, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Comptroller of the Currency Eugene A. Ludwig told Congress on Tuesday that banks are not doing enough to fix year-2000 computer problems.
"Some national banks and some vendors need to speed up their efforts in order to complete their year-2000 preparations in a timely manner," Mr. Ludwig told the House Banking Committee.
One-third of community banks are either unaware of the problem or just starting to deal with it, he warned.
The hearing was the latest in a series held by Congress this year to hold regulators and bankers' feet to the fire. Regulators, bankers, and consultants agreed the industry needs to do more.
"Smaller banks, especially those ...