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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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