MUFG Union Bank NA has gotten regulatory approval to opt out of the "advanced approaches" capital rules under the Basel III framework, according to a quarterly filing from parent company MUFG Americas Holdings Corp.
The company's Form 10-Q filed Nov. 8 says MUFG Union Bank, or MUB, had previously opted into the advanced approaches rules and was required to follow them starting in 2014. But the Office of the Comptroller of the Currency signed off on MUB's request to opt out of those rules in October, according to the filing.
MUFG Americas Holdings had already gotten approval from the Federal Reserve Board to opt out of the advanced approaches rules.
