A US-based bank is handing over $15 million after being accused of engaging in deceptive practices against its customers for at least a decade.
The Office of the Comptroller of the Currency (OCC) says MUFG Union Bank, which has been acquired by U.S. Bancorp, told customers they would receive a series of fee waivers and discounts.
But in reality, the bank did not follow through and give account holders what they were promised.
The affected customers held deposit accounts, rented safe deposit boxes or were part of a private banking program.
Although the OCC says Union Bank self-reported the issues, the bank neither admitted or denied the allegations made by the regulatory agency.
“By reason of the foregoing conduct, the Bank engaged in deceptive practices in violation of Section 5 of the FTC Act, which were part of a pattern of misconduct and resulted in pecuniary gain to the Bank.
The Bank self-identified these violations of law and is reimbursing customers affected by and is taking appropriate remedial actions to correct these violations…
This Order is a settlement of the civil money penalty proceedings against the Bank contemplated by the OCC, based on the violations of law described in the Comptroller’s Findings.”
MUFG Union Bank had $133.2 billion in assets in June of 2021, when it was acquired by U.S. Bancorp.
U.S. Bancorp says the allegations against Union Bank pre-date the acquisition, and Union Bank reimbursed the affected customers.
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