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 ANPR for comments on IDI rule
FDIC directors have approved an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on ways to tailor and improve the agency's rule requiring certain insured depository institutions (IDIs) to submit resolution plans. The rule currently requires IDIs with more than $50 billion in assets to submit resolution plans that should enable the FDIC to resolve the institution in the event of insolvency. Among other issues, the agency is considering revising the $50 billion threshold for application of the rule and tiering the rule's requirements based on the size, complexity, or other characteristics of an IDI. The agency is also seeking feedback on ways to streamline plan submissions for larger, more complex firms and on whether to replace plan submissions with periodic engagement and capabilities testing for smaller, less complex firms that are subject to the rule. The FDIC Board also voted to delay the next round of submissions under the IDI Rule until the rulemaking process has been completed. Chairman McWilliams also issued a statement regarding the ANPR.
- FDIC's press release
UPDATE: Published at 84 FR 16620 on 4/22/2019, with comments due in 60 days (6/21/2019).