MUFG Union Bank in San Francisco, which was sold in December to U.S. Bancorp, was ordered to pay a $15 million civil money penalty for failing to waive certain charges tied to private bank and consumer accounts.
The Office of the Comptroller of the Currency claimed in a May 8 consent order that the bank did not waive the fees despite stating that it would in account disclosures.
The OCC found issues between 2011 and 2021 with the bank’s private bank program and from 2005 and 2020 for safe deposit box rentals for certain customers.
The order also flagged instances between 2013 and 2021 where the bank failed to waive certain deposit account charges, including those for customers who had a mortgage with the bank.
“These incidents were caused by one or more weaknesses in the design or execution of procedures and internal controls within the bank,” the order said.
MUFG Union had already entered into a consent order with the OCC in September 2021 tied to “deficiencies in … technology and operational risk management.” That order did not include a civil money penalty.