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 FIL on Q4 Call Reports
The FDIC's first Financial Institution Letter of 2018, FIL-1-2018, includes materials and instructions for the Consolidated Reports of Condition and Income (Call Reports) for the December 31, 2017, report date. The agency requests that institutions complete as early as possible the preparation, editing, and review of their Call Report date and the submission of the data to their respective regulatory agencies' Central Data Repository. Except for certain institutions with foreign offices, completed Call Reports must be received by Tuesday, January 30, 2018.
From the FIL: "Institutions should note that Accounting Standards Codification Topic 740, Income Taxes, requires the tax effects of changes in tax laws or rates to be recognized in the period in which the law is enacted. Accordingly, the effects of the changes in tax laws and rates enacted on December 22, 2017, in the Tax Cuts and Jobs Act should be reflected in the Call Report for December 31, 2017. Because of the significance of these changes, the agencies plan to provide guidance to institutions that addresses the changes for purposes of the year-end 2017 Call Report in January 2018."