The agreement settles a lawsuit brought against DFS by MUFG two years ago when the agency sought to enforce the state’s regulations against the bank, which had swiftly converted its New York branch to a federal charter months earlier.
June 24, 2019 at 06:32 PM
1 minute read
MUFG Bank, the largest bank in Japan, will pay the state Department of Financial Services $33 million to settle claims related to its conduct while it was regulated by the state, the agency said Monday evening.
The agreement settles a lawsuit brought against DFS by MUFG two years ago when the agency sought to enforce the state’s regulations against the bank, which had swiftly converted its New York branch to a federal charter months earlier.
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