Japan’s Biggest Bank Draws Scrutiny for Switching to Trump Regulator
By Jesse Hamilton
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. …“Other banks are looking at charter conversions with an eye to business fundamentals,” said Karen Shaw Petrou, a managing partner at Federal Financial Analytics in Washington. MUFG’s decision was a “classic case of charter arbitrage,” she added.