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Japan’s Biggest Bank Draws Scrutiny for Switching to Trump Regulator

  • Japan’s MUFG sought oversight by OCC, a move N.Y. challenged
  • Senate panel is said to request documents on license change
Rob Portman
Rob PortmanPhotographer: Andrew Harrer/Bloomberg

Japan’s biggest bank has been accused by New York officials of dodging tough oversight by swapping its state license for a federal one, putting itself under a U.S. agency on the front lines of President Donald Trump’s push to ease financial rules.

The November move by Mitsubishi UFJ Financial Group Inc. is now drawing scrutiny from a key U.S. Senate investigative panel known for its post-crisis probes into Goldman Sachs Group Inc. and other financial firms, said a person with knowledge of the matter.