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Comerica's shoddy handling of its Treasury contract to manage Social Security and veterans benefits — including outsourcing fraud claims to a vendor in Pakistan — is emblematic of how the banking industry treats the poor.
May 30American Banker -
A Comerica Bank executive admitted to major failures in its handling of the Treasury Department's Direct Express program, including data and resolved fraud disputes sent to a vendor's office in Lahore, Pakistan, a "serious" contract violation.
May 29 -
As the window for averting a potential default narrows by the day and the amount of room the Treasury Department has under the statutory borrowing limit dwindles, markets are on edge.
May 17 -
In prepared remarks to the American Bankers Association, Treasury Secretary Janet Yellen says the government's intervention to cover uninsured deposits at Silicon Valley and Signature banks "reduced the risk of further bank failures."
March 21 -
Properly executed, the new anti-money-laundering program has the potential to cripple laundering networks by altering the landscape for financial services professionals.
March 20Cohen Milstein Sellers & Toll -
The Treasury will join with a group of Federal Reserve and other agencies to develop standards that they hope will shape both foreign CBDCs and a U.S. government digital dollar, should Congress authorize one.
March 1 -
The fresh round of sanctions and export controls on more than 250 individuals and entities includes MTS Bank, which has branches in Moscow and Abu Dhabi.
February 24 -
Amid the clamor over the agency's new beneficial ownership database, banks want FinCEN to withdraw the rule.
February 17 -
Treasury Secretary Janet Yellen said the only solution to avoid a U.S. default crisis is for Congress to increase the federal debt limit, avoiding engaging with other proposed stopgap measures including short-term extensions or spending cuts.
January 27 -
Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.
January 27