Fed Approves U.S. Bancorp Acquisition of MUFG Union Bank

WASHINGTON—The Federal Reserve on Friday approved U.S. Bancorp acquisition of MUFG Union Bank’s core retail-banking business, one of a series of large regional bank mergers pending before federal regulators.

In conjunction with the approval, regulators said they would launch a related rule-making process to enhance regulators’ ability to wind-down large regional banks in an orderly way should they fail.