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The Treasury Department is still struggling to understand whether some businesses are losing access to the banking system because of heightened enforcement of anti-money laundering requirements and concerns about high risk activities, a top official said Wednesday.
November 4 -
Regional banks did a much better job of expanding revenue than their megabank counterparts in the third quarter, but they had to spend more to do so and risk angering investors in a tight-margin environment.
October 15 -
M&T Bank in Buffalo, N.Y., has completed its acquisition of Hudson City Bancorp in Paramus, N.J., putting to rest a deal that had been announced more than three years earlier.
November 2
U.S. Bancorp has been hit with a consent order regarding deficiencies in its anti-money laundering compliance program.
The Office of the Comptroller of the Currency placed the $414 billion-asset company under the order on Oct. 23, according to U.S. Bancorp's 10-Q filing with the Securities and Exchange Commission. The order itself has not yet become public.
U.S. Bancorp noted that it has already implemented some of the enhancements and other actions required by the OCC order, and that others are in the process of being implemented.
"U.S. Bank, like many other financial institutions, has entered into a consent Order with the [OCC] regarding the Bank's program for Bank Secrecy Act/AML compliance," a company spokesman said in a statement emailed to American Banker.
"We will continue to work closely with the OCC to resolve their concerns as expeditiously as possible," the spokesman said.
U.S. Bancorp said the enhancements and actions "are not expected to be material" to its earnings.
Costs related to compliance activities contributed to a 6.2% year-over-year uptick in noninterest expense
