Chronicles

U.S. Bancorp fined for BSA, AML and risk management lapses

The Federal Reserve Board on Feb. 15 ordered Minneapolis-based U.S. Bancorp to improve risk management and oversight of its banking subsidiaries’ compliance with U.S. economic sanctions, and Bank Secrecy Act and anti-money-laundering requirements. The Fed also required US Bancorp to ensure its personnel make timely and complete disclosures to regulatory authorities. The Fed imposed a $15 million penalty. [Continue]

Fiserv selling interest in Lending Solutions Business

Warburg Pincus, a global private equity firm, is purchasing 55 percent of the Lending Solutions business of Fiserv. Fiserv will receive approximately $395 million in net after-tax proceeds and retain a 45 percent equity interest in the business. The joint venture will include all of the automotive loan origination and servicing products and related operations of Fiserv, as well as its LoanServ™ mortgage and consumer loan servicing platform. [Continue]

Associated gets go-ahead on acquisition

Associated Bank’s first acquisition in more than a decade has received regulatory approval, the Green Bay, Wis., bank announced Tuesday. Associated agreed to purchase Bank Mutual Corporation in mid-July for $482 million. Both the Office of the Comptroller of the Currency and the Federal Reserve Board needed to sign off on the merger, which will increase Associated’s size to $32.7 billion in assets. [Continue]