Raley, 24, is 5-4 with a 4.92 ERA (35 ER/64.0 IP) in 13 appearances (12 starts) with Iowa this season. He joins the Cubs for the second year in a row, as he made his big league debut with the club last August and went 1-2 with an 8.14 ERA (22 ER/24.1 IP) in five starts.
The 6-foot-3, 200-pound southpaw combined to go 6-10 with a 3.58 ERA (52 ER/130.2 IP) in 22 starts between Double-A Tennessee and Triple-A Iowa last season. He was the Cubs Minor League Pitcher of the Month for July after posting a 2.12 ERA (7 ER/29.2 IP) in five starts with Iowa.
Raley was drafted by the Cubs in the sixth round of the 2009 Draft out of Texas A&M, where he was a unanimous All-Big 12 first-team selection in his final season with the Aggies in 2009. He is 27-31 with a 3.90 ERA (207 ER/478.0 IP) in 93 minor league appearances, 89 as a starter.
Putnam, 25, has no record and an 18.90 ERA (7 ER/3.1 IP) in five relief appearances with the Cubs this season. He is 1-1 with four saves and a 3.26 ERA (7 ER/19.1 IP) in 17 relief appearances with Iowa.