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U.S. Bank's $600 million fine for AML lapses quickly drew readers attention, while acting CFPB Director Mick Mulvaney got the Cordray treatment on Capitol Hill and big banks made moves to speed real-time payments.
U.S. Bancorp CEO Andy Cecere.

Regulators fine U.S. Bank more than $600M for AML errors

U.S. Bancorp. has agreed to pay $613 million in penalties to state and federal authorities for violations of the Bank Secrecy Act and a faulty anti-money-laundering program.

(Full story here.)
Acting CFPB Director Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), listens during a press briefing at the White House in Washington, D.C., U.S., on Friday, Jan. 19, 2018. Federal government funding runs out at midnight Friday. Legislation to extend the deadline passed the House on Thursday and is set for a showdown in the Senate Friday, in which Democrats are poised to block the bill. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

What happens to CFPB if Mulvaney becomes Trump's chief of staff?

Leadership of the CFPB was thrown into turmoil Friday with reports that President Trump is considering naming acting Director Mick Mulvaney to replace White House Chief of Staff John Kelly.

(Full story here.)
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Senator Jeffrey "Jeff" Merkley, a Democrat from Oregon, speaks during a a Senate Banking Subcommittee hearing with William C. Dudley, president and chief executive officer of the Federal Reserve Bank of New York, not pictured, in Washington, D.C., U.S., on Friday, Nov. 14, 2014. Dudley said in testimony he vowed to improve bank supervision and regulation, saying he's aware of the risk of becoming too cozy with large financial firms. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Jeff Merkley
Andrew Harrer/Bloomberg

Payback: Dems give CFPB's Mulvaney the Cordray treatment

The acting director of the Consumer Financial Protection Bureau on Tuesday had his first taste of the withering congressional criticism endured by his predecessor on trips to Capitol Hill.

(Full story here.)
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Signage is displayed on the exterior of the U.S. Bank building in Salt Lake City, Utah, U.S., on Monday, July 13, 2009. U.S. Bancorp, parent company of U.S. Bank, will report second quarter results on July 22. Photographer: George Frey/Bloomberg
GEORGE FREY/BLOOMBERG

U.S. Bancorp, a big bank untouched by scandal — until now

The bank's unsullied image took a hit when it admitted to misleading regulators regarding its efforts to combat money laundering.

(Full story here.)
Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), listens during a Senate Budget Committee hearing in Washington, D.C., U.S., on Tuesday, Feb. 13, 2018. Mulvaney discussed the $4.4 trillion federal budget plan that would slash entitlements and other domestic programs in favor of higher spending on the military and immigration enforcement. Photographer: Zach Gibson/Bloomberg
Zach Gibson/Bloomberg

Mulvaney looks to neuter CFPB's most potent weapon

Acting Consumer Financial Protection Bureau Director Mick Mulvaney is discarding many of the policies of his predecessor but none as important perhaps as the agency's targeting of "unfair, deceptive or abusive acts or practices."

(Full story here.)
Statistics on the growth of the U.S. immigration population, since the 1980s.

Fintechs find another untapped market: New immigrants needing credit

For many newcomers to the U.S., establishing credit is a big challenge. A handful of entrepreneurs are developing tools to help verify their financial histories.

(Full story here.)
Louise Clynes, SunTrust Banks

Citi, SunTrust provide a road map to real-time payments

Early adopters of The Clearing House's Real Time Payments network have built gateways and accelerated fraud detection systems.

(Full story here.)
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Bloomberg News

Ex-B of A employee's court victory puts all banks on notice

A small legal case in California brings a warning to banks: Be careful who you report for fraud.

(Full story here.)
Trump 2019 budget
Copies of U.S. President Donald Trump's fiscal year 2019 budget request, An American Budget, sit on display at the U.S. Government Publishing Office (GPO) library in Washington, D.C., U.S., on Monday, Feb. 12, 2018. Trump will propose cutting entitlement programs by $1.7 trillion, including Medicare, in a fiscal 2019 budget that seeks billions of dollars to build a border wall, improve veterans health care and combat opioid abuse and that is likely to be all but ignored by Congress. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

How Trump's budget affects bank regulators, GSE fees, other priorities

The Trump administration's 2019 budget highlights the administration's goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau.

(Full story here.)
Citi sign
A Citi logo appears on a sign above a Citibank branch in the ground floor of Citigroup Inc. headquarters in New York, U.S., on Monday, April 19, 2010. Citigroup Inc. said profit more than doubled as the global economic rebound trimmed costs for bad loans, trading revenue surpassed analysts' estimates and the value of subprime mortgage bonds increased. Photographer: Daniel Acker/Bloomberg
Daniel Acker/Bloomberg

Citi, PNC invest in B-to-B payments fintech

The investment continues a trend of banks focusing on commercial payments technology.
Citi sign

(Full story here.)
Christopher Wood
AML Real-time payments Fintech Trump administration CFPB News & Analysis U.S. Bank Bank of America Citigroup SunTrust PNC
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