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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.)

Jeweler settles unauthorized credit card claims

The Bureau and the State of New York have announced that, under the terms of a Consent Order, Sterling Jewelers Inc. will pay civil money penalties of $10 million to the Bureau and $1 million to the State of New York to settle claims it opened store credit card accounts without customer consent. A Complaint filed by the CFPB and the New York Attorney General alleges Sterling enrolled customers in payment-protection insurance without their consent; and misrepresented to consumers the financing terms associated with the credit card accounts. Sterling is headquartered in Akron, Ohio, and does business throughout the United States. Sterling operates over 1,500 jewelry stores under several names, including Kay Jewelers, Jared The Galleria of Jewelry, JB Robinson Jewelers, Marks & Morgan Jewelers, Belden Jewelers, Goodman Jewelers, LeRoy’s Jewelers, Osterman Jewelers, Rogers Jewelers, Shaw’s Jewelers, and Weisfield Jewelers.

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