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.)
Underwriting provisions of Payday Lender Rule delayed
The CFPB has posted a notice on its Payday Lending Rule implementation page that the Bureau yesterday issued a final rule delaying for 15 months the August 19, 2019, compliance date of the mandatory underwriting provisions of the 2017 Payday Lending Rule. The new compliance date of those provisions will be November 19, 2020. The rest of the Payday Lending Rule's substantive provisions will become effective on August 19, 2019.
The 15-month delay of the underwriting provisions is designed to give the Bureau the time to evaluate a separate proposal that those provisions be eliminated from the Payday Lending Rule.