A US bank has been accused of engaging in deceptive practices against its customers for over a decade and has agreed to pay $15 million.
Misleading customers
The Office of the Comptroller of the Currency (OCC) found that MUFG Union Bank, which has since been acquired by U.S. Bancorp, misled customers by promising fee waivers and discounts but failed to follow through and provide them.
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…”
The same notes continued and revealed the following as per the Daily Hodl:
“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.”
More news from the financial space
Bloomberg research analyst James Seyffart states that the regulatory agency is also recognizing the spot BTC ETF applications from other prominent financial firms, beginning a review process.
“UPDATE: there they are – SEC just acknowledged the Bitcoin ETF applications for BlackRock, VanEck, Invesco US, Fidelity and WisdomTree. We’re off to the races. Keep in mind ARK Invest/21Shares already beyond this point. Bitwise (Asset Management) was yesterday.”
The notes continued and said the following:
“I heard that there’s a proposal for a Bitcoin ETF which would allow investors to easily invest in the cryptocurrency through a brokerage firm, similar to investing in commodities like gold. According to analyst Seyffart, the SEC is expected to make a decision on BlackRock’s request for the ETF by March of next year. It’s also likely that ARK Invest and 21Shares’ bids will be decided separately.”
