US Bank

US Bank is launching U.S. Bank MasterCard® PayPass™ VITAband® service, a light-weight and durable wristband that combines contactless payment technology with emergency contact and medical information.

A new settlement is being promoted by the Obama administration to force the largest US banks to pay for reductions in loan principal worth billions of dollars following breakdowns in mortgage servicing.

According to the Wall Street Journal report if the settlement is reached some state attorneys general are also pushing for banks to pay more than $20 billion of civil fines or to fund a similar amount of loan modifications for troubled borrowers.

US Bank, which is the 5th largest in the United States, will become soon the first major bank to implement Secure Vault Payments (SVP). The US Bank says: "It gives businesses the only online payment option that provides real-time authorization of funds and guaranteed payments for ACH transactions at costs typically lower than traditional and other alternative payment methods."

A famous economist Nouriel Roubini of Roubini Global Economics said that even in case the US and European economies manage to avoid a double dip, it will still feel like a recession, while more than half of the 800-plus US banks on the "critical list" are likely to go bust.

Roubini noted that the second half of the year will remain weak as tailwinds become headwinds.

"In the second half, fiscal policy becomes a headwind, no more cash for clunkers," Roubini said. "The positive scenario is that growth will be below par."

Google is participating in a provision of affordable housing for low-income families. U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank, announced it will manage an $86 million Low-Income Housing Tax Credit (LIHTC) fund for Google. The fund will be a major source of funding for the construction and operation of 480 affordable rental housing units for low income families and senior citizens in seven communities throughout the West and Midwest, U.S. Bank says.

U.S. Bank has announced launch of an online reporting tool, called ScoreBoard helping customers to monitor their own credit card spending by providing trending and reporting data. ScoreBoard is an application available to U.S. Bank’s small business credit cardholders and merchant customers who process credit, debit and electronic check transactions through U.S. Bank Merchant Services. 

According to the estimates made by the Wall Street Journal total pay at U.S. banks and securities companies increased by about 18% to a record $145 billion in 2009. The figures were cited in an analysis of the Journal online.

Executives, traders, investment bankers, money managers and others at 38 top financial companies can expect to earn slightly more than in the record year of 2007, according to the analysis.

The journal says the figures are based on securities filings for the first nine months of 2009 and revenue estimates through year-end.
 

The Western Union Company, a global leader in money transfer services, and U.S. Bank, the sixth largest commercial bank in the United States and lead bank of U.S. Bancorp, announced today the rollout completion of the Western Union global money-transfer service across 2,791 U.S. Bank branch locations in 24 states. Future plans also include expanding the Western Union global money-transfer service to U.S. Bank online consumers.

Compass Internet Systems and US Bank have announced a collaboration to provide the credit and the flexibility for any agent to start becoming an Internet realtor now, and to delay payment until they can budget it comfortably. This decision became a result of the delaying by many real estate business agents key marketing decisions and holding on with every resource they can muster to get through the economic depression.