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.)
CFPB updates CMP caps
The Consumer Financial Protection Bureau has published in the January 12, 2017, Federal Register a final rule adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction. These adjustments are required by the Inflation Adjustment Act. The inflation adjustments mandated by the Inflation Adjustment Act serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The rule is effective January 15, 2017.
As examples of the inflation adjustments, the $50 per violation statutory civil money penalty for failure to provide an annual escrow statement under RESPA will be increased to $92, with an annual cap, originally $100,000, increased to $184,767. Intentional failures to provide the statement can result in penalties up to $185 per violation with no annual cap, an increase from the statutory amount of $100. The statutory maximum penalty of $10,000 per day for a first violation of the appraisal independence requirements under the Truth in Lending Act will be increased to $11,279.