Featured Product

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    September 20, 2021

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance. The MUFG Union Bank is based in the United States and is owned by the Japanese banking entity Mitsubishi UFJ Financial Group. This action was the result of the bank's unsafe or unsound practices in this area and for the bank’s non-compliance with the interagency guidelines establishing information security standards. The Order requires the bank to improve longstanding technology and operational risk governance, technology risk assessments, internal controls, and staffing deficiencies to address the unsafe or unsound practices.

    Within 90 days of the effective date of this Order, the bank shall develop an acceptable, written action plan detailing the remedial actions necessary to achieve compliance with Articles V through XI of this Order, thereby addressing the unsafe or unsound practices and noncompliance. The bank shall submit the action plan to the Examiner-in-Charge for review and prior written determination of no supervisory objection. The action plan, at a minimum, shall specify a description of the corrective actions needed to achieve compliance with each Article of this Order, reasonable and well-supported timelines for completion of the corrective actions required by this Order, and the person(s) responsible for completion of the corrective actions required by this Order. The Board shall ensure that the bank has timely adopted and implemented all corrective actions required by this Order. The Board shall also verify that the bank adheres to the corrective actions and that these actions are effective in addressing the identified deficiencies. In each instance in which this Order imposes responsibilities upon the Board, it is intended to mean that the Board shall:

    • authorize, direct, and adopt corrective actions on behalf of the bank, as may be necessary to perform the obligations and undertakings imposed on the Board by this Order
    • ensure the bank has sufficient processes, management, personnel, control systems, and corporate and risk governance to implement and adhere to all provisions of this Order
    • require that bank management and personnel have sufficient training and authority to execute their duties and responsibilities pertaining to or resulting from this Order
    • hold bank management and personnel accountable for executing their duties and responsibilities pertaining to or resulting from this Order
    • require appropriate, adequate, and timely reporting to the Board by bank management of corrective actions directed by the Board to be taken under the terms of this Order
    • address any noncompliance with corrective actions in a timely and appropriate manner

     

    Related Links

    Keywords: Americas, US, Banking, Operational Risk, Cease and Desist Order, Regtech, MUFG, Technology Risk, Compliance Risk, Governance, OCC 

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514