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.)
Proposed rule on control of banking organizations
The Federal Reserve Board has announced it is inviting public comment on a proposal that would simplify and increase the transparency of the Board's rules for determining control of a banking organization. If a company has control over a banking organization, the company generally becomes subject to the Board's rules and regulations. The proposal explains several factors and thresholds that the Board will use to determine if a company has control over a bank. The key factors include the company's total voting and non-voting equity investment in the bank; director, officer, and employee overlaps between the company and the bank; and the scope of business relationships between the company and the bank. The proposal clearly describes what combination of those factors would and would not trigger control.
Comments will be accepted for 60 days following publication in the Federal Register.
- Chart illustrating combinations of factors that would or would not result in control