June 24, 2019
DFS SUPERINTENDENT LINDA LACEWELL ANNOUNCES $33 MILLION SETTLEMENT BETWEEN DFS AND MUFG BANK
Agreement Settles Lawsuit Filed by MUFG in Connection with the Bank’s 2017 OCC Charter Conversion
Financial Services Superintendent Linda A. Lacewell today announced that the Department of Financial Services (DFS) has entered into an agreement with MUFG Bank, under which MUFG will pay DFS $33 million to settle all claims related to the bank’s conduct occurring while a New York State-regulated institution. The agreement announced today settles a lawsuit commenced by the bank in connection with MUFG’s application with the United States Office of the Comptroller of the Currency in 2017 to convert its state-licensed branches in New York, Illinois, and California and its state-licensed agency offices in Texas to federally licensed branches and agency offices.
“DFS is pleased to have reached an appropriate agreement with the bank to end this litigation,” said Superintendent Lacewell. “Today’s settlement reinforces the strength of our nation’s dual banking system and significantly reaffirms New York’s authority to vigorously protect our financial markets and consumers.”
A copy of the final settlement agreement can be found here.