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.)
Q1 and Q2 Call Report revisions
FDIC FIL-4-2018, issued on Friday, addresses revisions to the consolidated reports of condition and income (Call Report) for March and June 2018. The FIL applies to all FDIC-supervised banks and savings associations, including community institutions. Highlights include:
- The burden-reducing changes being implemented by the agencies apply to the new FFIEC 051 Call Report as well as the FFIEC 041 and FFIEC 031 Call Reports.
- These revisions will take effect as of the June 30, 2018, report date, which is the proposed effective date of further burden-reducing Call Report revisions about which the agencies recently requested comment.
- For small institutions filing the FFIEC 051, the reporting changes will affect approximately seven percent of the data items collected.
- Revisions will be made to several Call Report schedules as of March 31, 2018, in response to changes in the accounting for equity securities and other equity investments that take effect for some institutions in the first quarter of 2018.
- The agencies' June 2017 proposal also included an instructional revision for determining past-due status for regulatory reporting purposes. Based on the comments received on this aspect of the proposal, the agencies are not introducing this proposed instructional revision at this time.
- Redlined copies of the FFIEC 051, FFIEC 041, and FFIEC 031 report forms showing the Call Report revisions and the related draft instructions are available on the FFIEC's website (https://www.ffiec.gov/ffiec_report_forms.htm). This website also includes draft revised instructions to implement the agencies' regulatory capital transitions final rule in the Call Report for March 31, 2018.
- Review FIL-2-2018 for additional information about the changes to the Call Report requirements.