Slideshow U.S. Bank's big AML fine, Mulvaney in hot seat, future of payments: Top stories of the week

Published
  • February 16 2018, 4:15pm EST

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.

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.

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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.

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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.

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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.

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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.)

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.

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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.

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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.

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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.

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

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

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