Banking Regulator Imposes New Restrictions on Wells Fargo

[Disir]

WASHINGTON—The federal government has put Wells Fargo & Co. on a much tighter leash, requiring the firm’s banking unit to seek approval before making a wide range of business decisions, after a regulator revoked key portions of a two-month-old settlement in the company’s sales scandal.

The announcement late Friday caught Wells Fargo executives by surprise and injects regulators far deeper into the bank’s operations. The bank is now banned from offering departing executives “golden parachute” payments, according to the statement from the Office of the Comptroller of the Currency, and it must get the OCC’s permission before it changes its business plans, hires or fires senior executives, or revamps its board of directors.

The OCC, in the terse one-paragraph statement, didn’t explain why it had unilaterally altered the terms of the September agreement negotiated with Wells Fargo, which included a $185 million settlement over the opening as many as 2.1 million accounts using fictitious or unauthorized customer information. An OCC spokesman declined to elaborate beyond the statement.
Banking Regulator Imposes New Restrictions on Wells Fargo

The next few months are going to be interesting ones.

 

[gipper]

Government regulators are like the fox guarding the hen house.

Both big gov and big biz collude to harm a majority of Americans.

 

[Manonthestreet]

WASHINGTON—The federal government has put Wells Fargo & Co. on a much tighter leash, requiring the firm’s banking unit to seek approval before making a wide range of business decisions, after a regulator revoked key portions of a two-month-old settlement in the company’s sales scandal.

The announcement late Friday caught Wells Fargo executives by surprise and injects regulators far deeper into the bank’s operations. The bank is now banned from offering departing executives “golden parachute” payments, according to the statement from the Office of the Comptroller of the Currency, and it must get the OCC’s permission before it changes its business plans, hires or fires senior executives, or revamps its board of directors.

The OCC, in the terse one-paragraph statement, didn’t explain why it had unilaterally altered the terms of the September agreement negotiated with Wells Fargo, which included a $185 million settlement over the opening as many as 2.1 million accounts using fictitious or unauthorized customer information. An OCC spokesman declined to elaborate beyond the statement.
Banking Regulator Imposes New Restrictions on Wells Fargo

The next few months are going to be interesting ones.

Wouldnt prosecuting them and throwing the perps in jail be a better solution?

 

[Disir]

WASHINGTON—The federal government has put Wells Fargo & Co. on a much tighter leash, requiring the firm’s banking unit to seek approval before making a wide range of business decisions, after a regulator revoked key portions of a two-month-old settlement in the company’s sales scandal.

The announcement late Friday caught Wells Fargo executives by surprise and injects regulators far deeper into the bank’s operations. The bank is now banned from offering departing executives “golden parachute” payments, according to the statement from the Office of the Comptroller of the Currency, and it must get the OCC’s permission before it changes its business plans, hires or fires senior executives, or revamps its board of directors.

The OCC, in the terse one-paragraph statement, didn’t explain why it had unilaterally altered the terms of the September agreement negotiated with Wells Fargo, which included a $185 million settlement over the opening as many as 2.1 million accounts using fictitious or unauthorized customer information. An OCC spokesman declined to elaborate beyond the statement.
Banking Regulator Imposes New Restrictions on Wells Fargo

The next few months are going to be interesting ones.

Wouldnt prosecuting them and throwing the perps in jail be a better solution?

It would be the best solution.

 

[Manonthestreet]

WASHINGTON—The federal government has put Wells Fargo & Co. on a much tighter leash, requiring the firm’s banking unit to seek approval before making a wide range of business decisions, after a regulator revoked key portions of a two-month-old settlement in the company’s sales scandal.

The announcement late Friday caught Wells Fargo executives by surprise and injects regulators far deeper into the bank’s operations. The bank is now banned from offering departing executives “golden parachute” payments, according to the statement from the Office of the Comptroller of the Currency, and it must get the OCC’s permission before it changes its business plans, hires or fires senior executives, or revamps its board of directors.

The OCC, in the terse one-paragraph statement, didn’t explain why it had unilaterally altered the terms of the September agreement negotiated with Wells Fargo, which included a $185 million settlement over the opening as many as 2.1 million accounts using fictitious or unauthorized customer information. An OCC spokesman declined to elaborate beyond the statement.
Banking Regulator Imposes New Restrictions on Wells Fargo

The next few months are going to be interesting ones.

Wouldnt prosecuting them and throwing the perps in jail be a better solution?

It would be the best solution.

Funny how few regulators you might need if you enforce the law and throw criminals in jail

 

[EdwardBaiamonte]

it must get the OCC’s permission before it changes its business plans, hires or fires senior executives, or revamps its board of directors.
.

its called socialism when govt runs business. Socialism is considered 100% stupid because it infantilizes customers, who should be the ultimate regulators, by encouraging them to be lazy and stupid while govt supposedly has their backs. 1+1=2.

How can Democrats be too stupid to know this??