{"id":1816,"date":"2021-09-22T09:37:48","date_gmt":"2021-09-22T13:37:48","guid":{"rendered":"https:\/\/compliancechief360.com\/?p=1816"},"modified":"2021-09-22T09:37:48","modified_gmt":"2021-09-22T13:37:48","slug":"occ-reprimands-bank-for-unsafe-tech-and-risk-management-practices","status":"publish","type":"post","link":"https:\/\/compliancechief360.com\/occ-reprimands-bank-for-unsafe-tech-and-risk-management-practices\/","title":{"rendered":"OCC Reprimands Bank for \u2018Unsafe\u2019 Tech and Risk Management Practices"},"content":{"rendered":"<span class=\"wpsdc-drop-cap\">T<\/span>he Office of the Comptroller of the Currency issued a \u201ccease and desist\u201d order against MUFG Union Bank based in San Francisco for engaging in \u201cunsafe or unsound practices regarding technology and operational risk management.\u201d The regulator also took issue with what it called, \u201cthe bank\u2019s noncompliance with the Interagency Guidelines Establishing Information Security Standards.\u201d<\/p>\n<p>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. In a <a href=\"https:\/\/www.occ.gov\/static\/enforcement-actions\/ea2021-037.pdf\">consent order<\/a>, the OCC is also requiring MUFG Union\u2019s board to assemble a compliance committee of at least three members, with a majority being non-executive directors, to monitor and oversee the bank\u2019s compliance with the provisions of the consent order. The bank will also be required to report to the agency on its progress in addressing the deficiencies uncovered by the OCC.<\/p>\n<p>Among additional requirements in the order are:<\/p>\n<ul>\n<li>Plans for the board to ensure the bank has sufficient processes, management, personnel, control systems, and corporate and risk governance measures in place.<\/li>\n<li>Sufficient training for bank management and personnel to execute their duties and responsibilities.<\/li>\n<li>A updated information security program and a plan for implementing it.<\/li>\n<li>A written plan to hire and retain sufficient staff to support the Bank\u2019s remediation of information technology and operational risk issues<\/li>\n<\/ul>\n<p>In the order, the OCC noted that MUFG Union Bank has begun corrective action and has committed resources to remediate the deficiencies. The bank now has varying periods to comply with different aspects of the order with the threat of additional judicial proceeding should it not comply.<\/p>\n<p>A day after the announcement of the consent order, U.S, Bancorp announced that it will purchase MUFG Union Bank for approximately $8 billion, including $5.5 billion in cash and approximately 44 million shares of U.S. Bancorp common stock.\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1477\" src=\"https:\/\/compliancechief360.com\/wp-content\/uploads\/2021\/06\/CC360-end-slug.png\" alt=\"\" width=\"20\" height=\"20\" \/><\/p>\n<hr \/>\n<p><em><span style=\"color: #015249;\">Joseph McCafferty is editor and publisher of Compliance Chief 360\u00b0<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Office of the Comptroller of the Currency issued a \u201ccease and desist\u201d order against MUFG Union Bank based in San Francisco for engaging in \u201cunsafe or unsound practices regarding technology and operational risk management.\u201d The regulator also took issue with what it called, \u201cthe bank\u2019s noncompliance with the Interagency Guidelines Establishing Information Security Standards.\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,26,7],"tags":[58,56],"class_list":["post-1816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-featured-news","category-news-roundup","tag-enforcement-actions","tag-financial-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OCC Reprimands Bank for \u2018Unsafe\u2019 Tech and Risk Management Practices - Compliance Chief 360<\/title>\n<meta name=\"description\" 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