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.)
OCC enforcement actions announced
The OCC has released a list of new enforcement actions taken against OCC-supervised institutions and individuals currently and formerly affiliated with such institutions. The actions are dated in March and April. A previously announced fair-housing action against Citibank, N.A. (see our 03/19/2019 Top Story) was included. Also on the list were Removal/Prohibition orders a former teller at U.S. Bank, N.A. (Cincinnati, OH), who was found to have misappropriated funds to her own use from a bank customer's account in 2016, and former business associate at Wells Fargo Bank, N.A. (Sioux Falls, SD), found to have misappropriated over $23,000 from the bank in 2013-2014, and to have created false entries to the bank's general ledger accounts to conceal her actions.
The OCC also issued a Notice of Charges against the former General Counsel of Rabobank, N.A. (Roseville, CA), in preparation for a hearing before an Administrative Law Judge, of charges that could result in an order of prohibition and a $50,000 civil money penalty for having participated in providing false information to the OCC concerning the bank's BSA/AML program by attempting to conceal an independent evaluation of the bank's BSA/AML program that had corroborated OCC concerns for the program's adequacy. The OCC assessed a $50 million CMP on the bank in February 2018 relating to the bank's BSA/AML deficiencies.