The Treasury Department’s Office of the Comptroller of the Currency (OCC) announced Thursday a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
Union Bank, which is now a subsidiary of U.S. Bank, agreed to a May 10 consent order, which acknowledged the bank self-identified the alleged violations, is reimbursing customers, and is undertaking remedial actions. The bank neither admitted nor denied the OCC’s findings.
