ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Finance

US bank lobby group gives Japan's MUFG a seat at the table

Tokyo-based bank chairman first from Asian lender on board of Bank Policy Institute

The Bank Policy Institute sets out Wall Street's views on finance industry issues and regulation.   © Reuters

NEW YORK -- The Bank Policy Institute, a lobbying group for the U.S. finance industry, on Wednesday chose Mitsubushi UFJ Financial Group Chairman Kanetsugu Mike as its first board member from an Asian institution.

Mike (pronounced mee-keh) will sit on the board from Thursday, joining such figures as JPMorgan Chase CEO Jamie Dimon and Bank of America CEO Brian Moynihan. The board is chaired by William Demchak, CEO of PNC Financial Services Group.

MUFG Chairman Kanetsugu Mike joins the Bank Policy Institute's board Thursday.

The move gives Japanese banks operating in the U.S. a valuable connection at a time when President Joe Biden's administration is reworking financial regulations put in place under predecessor Donald Trump. Washington is weighing measures favored by progressive Democrats, such as stronger disclosure requirements for climate risk and measures to address racial discrimination in financial services.

The Bank Policy Institute, formed in 2018 from the merger of two older lobbying groups, has more than 40 members, including many multinational institutions. The group issues letters to regulators and the Federal Reserve setting out the industry's views on a wide range of issues such as central bank digital currencies, fintech and retailers' forays into the banking industry.

MUFG's American operations, including West Coast-based Union Bank, had $134.7 billion in U.S. assets at the end of March, putting the company in 24th place, according to Federal Reserve data.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more