NEW YORK (WABC) — The Bank Policy Institute, a lobbying group for the financial industry in the United States, named Mitsubushi UFJ Financial Group Chairman Kanetsugu Mike as the organization’s first Asian board member on Wednesday. Mike (pronounced mee-keh) will join JPMorgan Chase CEO Jamie Dimon and Bank of America CEO Brian Moynihan on the board of directors as of Thursday. William Demchak, the CEO of PNC Financial Services Group, is the board’s chairman.
MUFG Chairman Kanetsugu Mike will join the Board of Directors of the Bank Policy Institute on Thursday.
The move provides a significant connection for Japanese banks operating in the United States at a time when President Joe Biden’s administration is rewriting banking restrictions enacted by his predecessor, Donald Trump. Steps proposed by progressive Democrats, such as greater climate risk disclosure rules and measures to combat racial discrimination in financial services, are being considered in Washington. The Bank Policy Institute, which was founded in 2018 after the merger of two older lobbying organizations, now has over 40 members, including a number of global corporations. The group sends letters to regulators and the Federal Reserve outlining the industry’s position on a variety of topics, including central bank digital currencies, fintech, and retailers’ ventures into banking. According to Federal Reserve data, MUFG’s American operations, which include West Coast-based Union Bank, had $134.7 billion in U.S. assets at the end of March, putting the company in 24th place./n
