 The acquisition of U.S. Trust was completed in 2007 and significantly strengthened Bank of America’s position in the private banking business and its ability to cater to some of the nation's wealthiest clients.Keith Banks became president of U.S. Trust in 2008.On July 13, 2000 U.S. Trust Corporation was issued a "cease and desist" order directing U.S. Trust to strengthen money laundering policies relating to the Bank Secrecy Act.