TOKYO (AP) — Japan's Financial Services Agency plans inspections of the country's biggest banks after finding loans linked to organized crime at No. 2 lender Mizuho.
The regulator said in a notice that it will inspect Bank of Tokyo-Mitsubishi UFJ, the country's No. 1 bank by assets, Mizuho Financial Group and No. 3 bank Sumitomo Mitsui Bank.
The FSA inspections, to be carried out next week, will focus on compliance and risk management. The move comes after Mizuho's announcement that the chairman of its banking business resigned and top executives will have pay docked over more than 200 million yen ($2 million) in loans to organized crime.
The loans, reported to Mizuho's board in early 2011, were issued by consumer finance affiliate Orient Corp. A probe by an outside panel faulted Mizuho for failing to crack down sooner, but said the bank had not deliberately sought to cover up the loans.
It is unclear if the Financial Services Agency plans any further action against Mizuho, following an order in late September for the bank to clean up its lending business.
Asked if the Mizuho case reflected a need for tighter oversight, Finance Minister Taro Aso said improvements might be made in the future despite the regulator working with limited resources.
"If the probe shows there are areas needing improvement, then we will do so," Aso said.
Japanese gangs, known as "yakuza," are entrenched in many areas of the economy despite efforts to freeze them out of the financial system.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
An Albuquerque Police officer involved shooting over the weekend marks the fifth since late October and city officials are taking notice.
A woman was stolen from her daughter's car, a woman who died more than five years ago.
Albuquerque police shot and killed a man Sunday night after responding to an assault call near UNM.
Deputies were led on a chase around 4 p.m. Monday after a person called 911 to report their vehicle had been stolen and was being driven recklessly around Albuquerque.
New Mexico could have hundreds of millions of dollars more to spend as legislators get ready to put together next year's budget in the upcoming legislative session.
Organizers of the Gildan New Mexico Bowl are hoping to shed the disappointing attendance numbers that weighed down the event last year when the Colorado State Rams and the Washington State Cougars face off Dec. 21.