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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program.

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Hacker Tracker: The Evolving Threat Of Tax Fraud

PYMNTS

Earlier this year, the Treasury Inspector General for Tax Administration reported that there was a reduction in the number of fraudulent tax returns identified between 2013 and 2015. What’s Next In Tax Fraud. As of February, the number of mentions in 2017 so far was already over 40 percent of the 2016 total.

Taxes 144
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Guest Post: 2013 Economic Year in Review and Outlook by Banker Dorothy Jaworski

Jeff For Banks

But in nine short months of 2013, you and the Fed stumbled with mixed signals and miscommunication and the markets pushed the 10 year Treasury yield up by 130 basis points to 3.00%, removing all of the good attained by QE over the years. and Janney Capital Markets at 2.1% Businesses are still cautious in capital spending.

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Lending to nonprofits: Considerations for credit analysis

Abrigo

According to the Urban Institute’s “ Nonprofit Sector in Brief 2015 ,” the number of nonprofits registered with the Internal Revenue Service increased by about 3,000 a year between 2003 and 2013. economy in 2013, or roughly 5 percent of GDP. Finances related to U.S. Revenues increased 3 percent to $2.26 trillion; assets rose 5.2

Analysis 150
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FinTech Partnerships With FI Marked By Global Scope

PYMNTS

In addition, corporate clients will be able to apply for working capital loans and make vendor and salary payments. In Africa, the biggest private bank in Kenya, CBA, has cemented a partnership with a FinTech there, Ennovative Capital, a Kenyan firm that licenses software to boost payments speeds.

Fintech 115
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Lowe’s Q2 Earnings Beat Expectations

PYMNTS

We posted solid results this quarter by capitalizing on delayed spring demand,” said President and CEO Marvin R. The reported earnings included non-cash pre-tax charges of $230 million, the result of the company’s decision to close all 99 locations of Orchard Supply Hardware, which Lowe’s purchased out of bankruptcy in 2013.

Retail 100
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What is the FASB’s process for issuing standards?

Abrigo

Thomas Curry, comptroller of the currency, commented on the changes at the 2013 AICPA Banking Conference, stating, “There is no question that implementation of the FASB proposal will require most banks to boost their allowance; perhaps in the neighborhood of 30-50% system-wide if applied today.”

Analysis 207