Historic Federal Reserve Restrictions on Wells Fargo

This is what effective regulation looks like!!! The BrokeandBroker.com Blog reprints below the Federal Reserve Press Release restricting Wells Fargo's growth Responding to widespread consumer abuses and compliance breakdowns by Wells Fargo, Federal Reserve restricts Wells' growth until firm improves governance and controls. Concurrent with Fed action, Wells to replace three directors by April, one by year end (Board of Governors of the Federal Reserve System Press Release, February 02, 2018)https://www.federalreserve.gov/newsevents/pressreleases/enforcement20180202a.htmResponding to recent and widespread consumer abuses and other compliance breakdowns by Wells Fargo, the Federal Reserve Board on Friday announced that it would restrict the growth of the firm until it sufficiently improves…

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