A US-based financial institution is handing over $15 million after being accused of participating in misleading practices in opposition to its clients for a minimum of a decade.
The Workplace of the Comptroller of the Forex (OCC) says MUFG Union Financial institution, which has been acquired by U.S. Bancorp, informed clients they’d obtain a collection of price waivers and reductions.
However in actuality, the financial institution didn’t observe by and provides account holders what they have been promised.
The affected clients held deposit accounts, rented secure deposit containers or have been a part of a non-public banking program.
Though the OCC says Union Financial institution self-reported the problems, the financial institution neither admitted or denied the allegations made by the regulatory company.
“By motive of the foregoing conduct, the Financial institution engaged in misleading practices in violation of Part 5 of the FTC Act, which have been a part of a sample of misconduct and resulted in pecuniary acquire to the Financial institution.
The Financial institution self-identified these violations of regulation and is reimbursing clients affected by and is taking applicable remedial actions to right these violations…
This Order is a settlement of the civil cash penalty proceedings in opposition to the Financial institution contemplated by the OCC, primarily based on the violations of regulation described within the Comptroller’s Findings.”
MUFG Union Financial institution had $133.2 billion in belongings in June of 2021, when it was acquired by U.S. Bancorp.
U.S. Bancorp says the allegations in opposition to Union Financial institution pre-date the acquisition, and Union Financial institution reimbursed the affected clients.
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