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.)
Agencies streamline Call Report requirements
The FDIC, Fed, and OCC have issued a joint press release to announce their adoption of a final rule to streamline regulatory reporting requirements for small institutions. The changes will permit insured depository institutions with total assets of less than $5 billion that do not engage in certain complex or international activities to file the most streamlined version of the Call Report, using FFIEC 051, for their first and third calendar quarters of each year. The rule, which will be effective 30 days after publication in the Federal Register, will reduce by approximately one-third the number of existing data items reportable for those quarters.
The final rule implements Section 205 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) and is one step in the agencies' efforts to meaningfully streamline reporting requirements. The press release said the agencies are committed to actively exploring additional revisions to Call Reports that would further reduce reporting requirement burdens.
UPDATE: Published at 84 FR 29039 on 6/21/19, with an effective date of 7/22/19.