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.)
FDIC releases November enforcement actions
The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in November (and one in October). The FDIC issued a total of 29 orders and adjudicated decisions in November. The current release also includes one termination order issued in October. The administrative enforcement actions in November’s orders consisted of two consent orders; four Section 19 orders; 10 removal and prohibition orders; five civil money penalties; one order of restitution; five terminations of consent orders; and two adjudicated decisions.
Three of the civil money penalties were for flood insurance violations by banks in Puerto Rico ($153,850), Ohio ($7,200), and Missouri ($5,500). There were also two civil money penalties totaling $34,000 assessed against institution-affiliated individuals of state nonmember banks currently in receivership. One of those individuals was also ordered to make restitution of $210,000 to his former bank, and both were issued Prohibition Orders.