Skip to content

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 resolves 'Operation Choke Point' suit

The FDIC has resolved a lawsuit with Advance America, Cash Advance Centers, Inc., Check Into Cash, Inc., and Northstate Check Exchange (Advance America et al. v. Federal Deposit Insurance Corporation et al). The lawsuit had alleged terminations of payday lender bank accounts under what was described as "Operation Choke Point." In exchange for the plaintiffs' agreement to dismiss the lawsuit, the FDIC issued: (1) a statement summarizing its longstanding policies and guidance regarding the circumstances in which the FDIC recommends that a financial institution terminate a customer's deposit account and reiterating preexisting public guidance to financial institutions about providing banking services and carrying out Bank Secrecy Act obligations; and (2) a cover letter transmitting the statement to the plaintiffs that reiterates prior correspondence from the FDIC Chairman, summarizes applicable FDIC policy, and notes that the FDIC is conducting additional training of its workforce.

Filed under: 

Training View All

Penalties View All

Search Top Stories