Mitsubishi UFJ U.S. Banking Unit Gets Cease-and-Desist From OCC
(Bloomberg) -- A U.S. unit of Japan’s Mitsubishi UFJ Financial Group Inc. received a cease and desist order from the Office of the Comptroller of the Currency, which cited the bank’s “unsafe or unsound practices” regarding technology and operational risk management, as well as noncompliance with security standards.
The order requires MUFG Union Bank NA to “improve longstanding technology and operational risk governance, technology risk assessments, internal controls and staffing deficiencies to address the unsafe or unsound practices,” the OCC said in a statement Monday. The bank “has begun corrective action,” including committing resources to address the deficiencies, according to the cease and desist order.
The bank had no immediate comment, spokesman Troy Gravitt said.
MUFG Union Bank is the primary banking subsidiary of MUFG Americas Holdings Corp., part of Tokyo-based Mitsubishi UFJ Financial Group.
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