On Oct. 8, the Office of the Comptroller of the Currency (OCC), part of the Treasury Department that regulates banks, released a consent order detailing the fine. The penalty, which Morgan Stanley Bank and Morgan Stanley Private Bank agreed to pay, was based on the failure of the banks to exercise proper oversight of the 2016 decommissioning of two Wealth Management business data centers in the U.S., according to an OCC press release. In 2019, the banks experienced similar vendor management control deficiencies while decommissioning other network devices with customer data, the release states.