MUFG Union Bank has been issued a consent order by the Office of the Comptroller of the Currency for failing to comply with federal information technology security guidelines. The OCC did not issue a fine on the bank, but said it "engaged in unsafe or unsound practices" and must improve its protocols.

The Office of the Comptroller of the Currency has fined Wells Fargo $250 million for engaging in "unsafe or unsound practices" with its loan modification program, and said the bank is in violation of a 2018 consent order. Meanwhile, the bank's shares rose after it acknowledged that a separate 2016 consent order from the Consumer Financial Protection Bureau has expired.

Modern Money Murmurs: I guess we'll just call that one-in, one-out for Wells.

Synchrony Financial plans to offer a "Pay in 4" option for its retail partners next month, consisting of interest-free short-term loans to be paid back in four installments. The product aims to compete with buy now, pay later offerings.

Acting Comptroller Michael Hsu foreshadowed a plan to rescind a Trump-era revision of the Community Reinvestment Act at the Consumer Bankers Association's CBA LIVE 2021 conference, saying other regulators had shared objectives. CBA praised OCC's proposal to revamp the CRA rewrite in a tweet, saying it's "good to see regulators take another step toward reforming this important but antiquated law."

A lawsuit filed by the Navajo Nation accusing Wells Fargo of opening accounts without consumers' consent has been dismissed by a federal judge. The federal government has addressed the bank's actions, the judge says.