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.)
Bureau ECOA guidance voided under Review Act
The president has signed S.J. Res. 57, a joint resolution of disapproval under the Congressional Review Act (CRA) of the rule issued by the CFPB in the form of guidance concerning indirect automobile lender compliance with the ECOA and Regulation B. The March 21, 2013, guidance, in CFPB Bulletin 2013-02, has been voided by the CRA action, and the Bureau is now banned from reissuing a substantially similar rule unless specifically authorized to do so by law, according to a statement by Acting Bureau Director Mick Mulvaney.
Mulvaney also said that, following a recent Supreme Court decision "distinguishing between antidiscrimination statutes that refer to the consequences of actions and those that refer only to the intent of the actor, and in light of the fact that the Bureau is required by statute to enforce federal consumer financial laws consistently, the Bureau will be reexamining the requirements of the ECOA." The Bureau will also be reviewing other guidance documents it has issued with congressional staff and federal agency partners to identify those that must be submitted to Congress for review under the CRA.