U.S. Bancorp CFO Terrance Dolan expects the company to come out of a 2015 consent order it had reached with the Office of the Comptroller of the Currency sometime this year, he said March 6.
At an RBC Capital Markets investor presentation, Dolan was asked about the bank's progress on that consent order, which found deficiencies in its Bank Secrecy Act/anti-money laundering compliance program. He highlighted improvements the company has made since 2015, including new staff and technology to help improve its procedures.
The company must now show regulators that the process is sustainable over time, Dolan said.
Last month, the company said it reached a deferred prosecution agreement with the U.S. Department of Justice, paying $613 million to help resolve the issues federal agencies have raised. Under the agreement, prosecutors are deferring prosecution of criminal charges for two years as long as U.S. Bancorp meets the required improvements.
CEO Andy Cecere said Feb. 15 that the agreement "finalizes legacy matters involving our AML compliance program."
"We have worked diligently over the past several years to make significant investments to improve and strengthen our AML controls, processes and staff, which includes our efforts under a 2015 OCC consent order," Cecere said in a news release.
