Reuters: U.S. senators seek details on 'dubious' oversight shift by Japanese bank
A decision by Mitsubishi UFJ Financial Group Inc (MUFG) to shift its U.S. banks from state regulators to a federal bank regulator is garnering scrutiny from a pair of U.S. Democratic senators.
Senators Elizabeth Warren and Chris Van Hollen sent a letter to the Office of the Comptroller of the Currency on Monday, pressing for details on the regulator's decision to allow the bank to come under its purview, after it had sparred with New York's banking regulator.
The pair said they were "disturbed" by the decision, and questioned whether the shift to a federal banking license allowed the bank to escape any investigations by the New York Department of Financial Supervision, where the company had bank branches.
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