The Office of the Comptroller of the Currency (OCC) on Monday issued MUFG Union Bank a cease-and-desist order for “unsafe or unsound practices regarding technology and operational risk management.”
The order alleges MUFG is not in compliance with Federal Reserve guidelines on information security standards. In an accompanying press release, the OCC stated it will pursue enforcement against MUFG if the deficiencies identified are not remediated in a timely manner.
