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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.<\/p>\n
The Office of the Comptroller of the Currency (OCC) says<\/a> MUFG Union Bank, which has been acquired by US Bancorp, told customers they would receive a series of fee waivers and discounts.<\/p>\n But in reality, the bank did not follow through and give account holders what they were promised.<\/p>\n The affected customers held deposit accounts, rented safe deposit boxes or were part of a private banking program.<\/p>\n Although the OCC says Union Bank self-reported the issues, the bank neither admitted or denied the allegations made by the regulatory agency.<\/p>\n \u201cBy 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.<\/em><\/p>\n The Bank self-identified these violations of law and is reimbursing customers affected by and is taking appropriate remedial actions to correct these violations\u2026<\/em><\/p>\n 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.”<\/em><\/p>\n MUFG Union Bank had $133.2 billion in assets in June of 2021, when it was acquired by US Bancorp.<\/p>\n US Bancorp says the allegations against Union Bank pre-date the acquisition, and Union Bank reimbursed the affected customers.<\/p>\n Don’t Miss a Beat SUBSCRIBE<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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