Thrifts and Mortgage Finance
Company Overview of U.S. Bank National Association
U.S. Bank National Association operates as a bank which offers loans and depositary services. U.S. Bank National Association was formerly known as Firstar Bank, National Association and it changed its name to U.S. Bank National Association in August, 2001. The bank was founded in 1863 and is based in Cincinnati, Ohio. U.S. Bank National Association operates as a subsidiary of U.S. Bancorp.
425 Walnut Street
Cincinnati, OH 45202-3923
Founded in 1863
Key Executives for U.S. Bank National Association
Head of Commercial Banking for Puget Sound Region and Market President of Washington Office
President of Chicago Branch
Market President for Orange County and the Inland Empire region of California
Compensation as of Fiscal Year 2013.
U.S. Bank National Association Key Developments
Judge Rejects U.S. Bank's Motion to Dismiss U.S. CFTC Lawsuit
Nov 6 13
A federal judge on Nov. 5, 2013 rejected U.S. Bank's motion to dismiss a lawsuit that accused the bank of letting Peregrine Financial founder Russell Wasendorf Sr. secure loans against money that belonged to his brokerage's customers. In June 2013, the Commodities Futures Trading Commission filed a lawsuit against U.S. Bank N.A., a unit of U.S. Bancorp, saying the bank had a segregated account for Peregrine's customer funds but treated the account as if it were "a Peregrine commercial checking account". CFTC argued in its lawsuit that more than $325 million flowed through the segregated customer account between May 2005 and June 2012, and that Wasendorf misappropriated about $215 million of that amount. The lawsuit was the first against a bank tied to the collapse of Peregrine, which filed for bankruptcy protection in July 2012 after Wasendorf confessed to bilking his clients in a nearly 20-year-long fraud. Wasendorf began serving a 50-year sentence in February, 2013. Lawyers for U.S. Bank filed a motion to dismiss the lawsuit, saying the CFTC was trying to shift responsibility for a Ponzi scheme to the bank, even though the bank itself was a victim of the scheme. However, Judge Linda Reade rejected U.S. Bank's arguments, paving the way for the lawsuit to proceed for further hearings.
U.S. Bank Launches Automated Travel Payment Tool
Oct 29 13
U.S. Bank announced the full market launch of its Travel VirtualPay product, following a successful pilot program. The bank is the first payment provider in North America to deliver a truly integrated travel payment and reconciliation tool that replaces manual central billing of hotel charges with single-use virtual account numbers. Early adopters have praised the solution's ability to capture spend that is currently falling outside of their card programs, allowing them to greatly enhance control and efficiency. With U.S. Bank Travel VirtualPay, travel managers can identify and track a booking from the time of reservation through final settlement and audit. The tool integrates directly with their current travel supplier or agency, allowing them to easily request a virtual account for each booking and consolidating all transaction data into one location. When a supplier charges the account, an automated reconciliation process accurately matches traveler and transaction, triggering immediate payment. This process dramatically reduces paperwork, potential errors and labor costs, while seamlessly producing a transparent view of travel spend for supplier and buyer alike.
U.S. Bank Launches the U.S. Bank Visa Signature(R) Company Credit Card
Oct 28 13
U.S. Bank has introduced the U.S. Bank Visa Signature(R) Company Credit Card designed for companies with $1 million to $10 million in annual revenues. Unlike other business cards, no personal guarantor is required since the company is solely liable for all purchases. The company Card requires that the company be a Corporation, Limited Liability Corporation or Limited Liability Partnership and net income of the company must be $350,000 for two consecutive years. Benefits of the Company Card include: Credit line ranging from $25,000 to $250,000; Central billing and dedicated business account representatives for account maintenance, issues and questions; EMV ('chip-card') technology for better international acceptance; Complimentary Concierge Service; Visa Signature Luxury Hotel Collection and The ability to earn 1% cash rewards on all net purchases. The U.S. Bank Visa Signature Company Card is now available in U.S. Bank branches.
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