By Jeff Dale2023-06-15T18:55:00
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.
Between at least 2011 and 2021, the bank deceived customers by stating in account disclosures members of the private bank program would receive fee waivers and discounts, the OCC said in the order. During this period, however, only certain customers of the private bank program received fee waivers and discounts as described.
2024-02-01T18:32:00Z By Jeff Dale
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
2023-07-26T18:40:00Z By Jeff Dale
American Express National Bank agreed to pay a $15 million penalty levied by the Office of the Comptroller of the Currency for alleged oversight failings regarding a third-party affiliate and its efforts to retain small business customers.
2023-05-26T14:42:00Z By Aaron Nicodemus
The Office of the Comptroller of the Currency could require large banks to take substantial actions to address persistent weaknesses, including restricting their growth or forcing them to divest from risky ventures.
2025-10-16T20:38:00Z By Neil Hodge
Europe’s massive financial sector has become a magnet for illicit money flowing through its banks and markets. A new EU agency will be taking the problem head-on to fight against money laundering.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
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