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 clarifies Reciprocal Deposits rule
The FDIC has published technical amendments [84 FR 15095, 4/15/2019] to the preamble of a final rule [84 FR 1346] published in the Federal Register on February 4, 2019. The final rule relates to a limited exception for a capped amount of reciprocal deposits from treatment as brokered deposits. As published, several industry participants raised concerns about the meaning of a sentence in the preamble of the final rule.
The FDIC did not intend the preamble language to change existing interpretations related to accepting or receiving deposits. To avoid potential confusion, the FDIC has amended the language by removing the sentence in question and its footnote, and amended the sentence that follows.