Banker's Toolbox Announces — ACQUISITION OF LOAN LOSS RESERVE POWERHOUSE, MAINSTREET TECHNOLOGIES
Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)
Checks from the CFPB
The CFPB has posted an article on how to determine if a check appearing to be from the Bureau is real and what action a consumer may want to take if there are concerns about such a check. The information may be designed to explain distributions announced by the Bureau as compensation to many people harmed by Morgan Drexen, a debt settlement company. Morgan Drexen violated a federal regulation that prohibits debt settlement companies from charging people upfront fees before settling any of their debts. Morgan Drexen was ordered by a court to pay almost $133 million to people who enrolled in their debt settlement services after the federal regulation went into effect. Consumers harmed by Morgan Drexen may receive a letter and check during August or September for some of the upfront fees they paid.