The Financial Services Agency said it sanctioned the Sapporo-based cooperative under the Banking Act as applied through the law governing financial businesses run by cooperatives.
Japan’s Financial Services Agency, or FSA (Japan financial regulator), imposed an administrative action on Uri Credit Union, which is headquartered in Sapporo, Hokkaido. The measure was taken under Article 26, Paragraph 1 of the Banking Act, as applied through Article 6, Paragraph 1 of the Act on Financial Businesses by Cooperatives. The announcement states that the action was carried out on the same day, but provides no further details in the text provided about the nature of the sanction.