/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

OCC hits MUFG Union Bank with cease and desist order over IT failings

Source: OCC

The Office of the Comptroller of the Currency (OCC) today issued a Cease and Desist Order against MUFG Union Bank, N.A.

The OCC took this action based on the bank’s unsafe or unsound practices regarding technology and operational risk management and the bank’s noncompliance with the Interagency Guidelines Establishing Information Security Standards contained in Appendix B to 12 CFR Part 30.

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.

The OCC attempts to address deficiencies through its ongoing supervision and expects banks to timely correct deficient practices. The OCC will issue an enforcement action against a bank to require the bank’s board of directors and management to correct deficiencies within required time frames.

Comments: (0)