OCC Cites MUFG Banking Unit for Technological and Operational Risk Concerns

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By Katryna Perera (September 20, 2021, 9:28 p.m. EDT) – The Office of the Comptroller of the Currency issued a cease and desist order on Monday against California-based MUFG Union Bank for unsafe or misguided practices regarding technology and operational risk management; and the bank’s suspected non-compliance with interagency guidelines establishing information security standards.

According to the order, MUFG Union Bank, which has branches along the west coast and is owned by Japan’s MUFG bank, consented to the OCC’s application and guidelines without admitting or denying the allegations.

“The bank has taken corrective action and committed resources to remedy the deficiencies,” the order further states.

The guidelines set out in the …

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