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.)
Fed report presented to Banking Committee
Federal Reserve Board Vice Chair for Supervision Randal Quarles testified yesterday before the Senate Committee on Banking, Housing, and Urban Affairs regarding the Fed’s regulation and supervision of the financial system. He discussed the following steps taken by the by the Board to improve the framework, by integrating post-crisis innovations more fully into its supervisory processes; directing attention and resources to the places and institutions that merit them most; and making its regulatory standards as simple, efficient, and transparent as possible. Among the topics in the testimony were:
- Supervisory stress testing utilizing Comprehensive Capital Analysis and Review (CCAR)
- A new rating system for large institutions
- A new proposal to determine one company’s control of another
- Monitoring of other new developments regarding new technology on core banking services, third-party due diligence processes, cyber risk, and vendor risk management.
Quarles concluded his testimony stating, "The strength of our financial system today rests on the insight, patience, and persistence of a decade's work on post-crisis reforms. Those same virtues are essential to preserving that strength in the years to come. We must invite ideas and input into our regulatory and supervisory activities openly, examine them rigorously and objectively, and travel patiently and steadily wherever our analysis leads. A diligent, objective, and independent approach is the only way to remain vigilant towards new risks and ensure that our financial system can continue to address the needs of the U.S. economy. Only by thoughtfully evaluating the reforms we have made, and adjusting our approach when appropriate, can we preserve and improve the efficacy and efficiency of our regulatory framework."