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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.)

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SEC launches new tool for investors

The Securities and Exchange Commission has announced the launch of an additional online search feature that enables investors to research whether the individual trying to sell investments has a judgment or order entered against them in an enforcement action. The SEC Action Lookup for Individuals – or SALI – is intended to assist the public in making informed investment decisions and avoiding financial fraud.


FTC to host cryptocurrency workshop

The FTC has announced it will host a “Decrypting Cryptocurrency Scams” workshop in Chicago on June 25 to examine scams involving cryptocurrencies. The session will bring together consumer groups, law enforcement, research organizations, and the private sector to explore how scammers are exploiting public interest in cryptocurrencies such as bitcoin and Litecoin and to discuss ways to empower and protect consumers.


Altaba (Yahoo!) pays $35M for cybersecurity breach

The SEC has announced that Altaba Inc., the entity formerly known as Yahoo! Inc,. has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the world’s largest data breaches in which hackers stole personal data relating to hundreds of millions of user accounts.


FDIC testing export of imaged loan docs

The FDIC has issued FIL-22-2018 and an Advisory on the development and testing of a standardized export of imaged loan documents in an effort to streamline examination processes. This initiative is anticipated to improve efficiencies during onsite examination activities and provide additional opportunities for conducting examination activities offsite. The FDIC will conduct a teleconference at 2 p.m. Eastern Time, on May 16, 2018, for FDIC-supervised institutions interested in learning more about the project. The FDIC's Advisory has more information on the teleconference.


FDIC to utilize electronic fingerprinting for background checks

FDIC FIL-21-2018, issued yesterday, announces the agency's move to electronic fingerprinting to facilitate background checks performed in connection with applications and notices submitted to the FDIC, including: applications for federal deposit insurance, notices of acquisition of control, requests for participation in the banking industry by individuals with certain criminal convictions (section 19 requests), and notices to replace board members or senior management in certain institutions. The FDIC will begin using the new process during the second quarter of 2018. Individuals will be able to be fingerprinted at more than 1,000 collection sites, across all 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands, making it convenient to find a location.


FDIC to host bank technology forum

The FDIC will host a forum on the Use of Technology in the Business of Banking on Monday, May 7, 2018. Panels will focus on emerging technologies that are transforming banking operations; the impact of emerging technologies on retail banking, including new and innovative delivery channels, enhanced customer experiences, and economic inclusion; and consumer financial data access—balancing rights and security. The forum will be held from 9:00 a.m. to 3:45 p.m. ET in the FDIC's Sheila C. Bair Auditorium, 3501 Fairfax Drive, Arlington, Virginia, 22226.


FTC launches cyber defenses campaign

The Federal Trade Commission has announced the launch of a national education campaign to help small businesses strengthen their cyber defenses and protect sensitive data that they store. The Commission will develop and distribute reader-friendly educational materials with information about cybersecurity that small businesses need. The effort grew out of the Small Business & Cybersecurity Roundtables that the FTC hosted last year with small business owners and non-profit organizations, employees, and managers to learn about the challenges they face when dealing with cyber threats and security and ideas for how the government can help them.


Task force expecting governance draft soon

The Federal Reserve's Faster Payments Task Force has reported via email that its Governance Framework Formation Team is expected to release a draft of a faster payments governance framework later in April for industry feedback. The team is a short-term work group focusing only on a governance framework for faster payments. The team shares a common goal and vision: "in 2020, a ubiquitous world-class system where Americans can safely and securely pay anyone, anywhere, at any time and with immediate funds availability."


FDIC to host banking technology forum

FDIC FIL-15-2018 announces the agency will host a forum on the Use of Technology in the Business of Banking on Monday, May 7, 2018. The forum will be held from 9:00 a.m. to 3:45 p.m. EDT in the FDIC's Sheila C. Bair Auditorium, 3501 Fairfax Drive, Arlington, Virginia, 22226. The forum also will be webcast live and recorded for on-demand access after the event.


FTC and IRS team up against tax-related ID theft

The Federal Trade Commission and the Internal Revenue Service have announced they have joined forces to make it easier for consumers to report tax-related identity theft and to receive assistance to help recover. The IRS will now allow consumers to report identity theft to the IRS electronically through the FTC's website. Tax-related identity theft occurs when someone uses a stolen Social Security number to file a tax return and claim the refund. Victims of tax-related identity theft need to file an IRS Identity Theft Affidavit, also known as IRS Form 14039, before the IRS can begin resolving the problem. Until this new initiative, consumers could only file the form manually. Under the new FTC-IRS initiative, will be the first and the only place where consumers can submit an IRS Form 14039 electronically. A new FTC Blog post provides more detail on how the process works.


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