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Wells Fargo freed from asset cap punishment imposed after fake account scandal
The asset cap was Wells Fargo’s biggest penalty stemming from its 2016 fake accounts scandal. From 2002 to 2016, thousands of Wells Fargo’s Community Bank employees opened millions of unauthorized or fraudulent accounts and other financial products to meet excessive sales goals.
The consent order required an unprecedented restriction on growth, known as an asset cap, until Wells Fargo showed that it ...
Both banks would probably argue they’ve been future-focused for years. But with the U.K. divesting from NatWest, and Wells’ ...
The most daunting consent order shadowing Wells Fargo & Co. remains in the Federal Reserve's $1.95 trillion asset cap that ...
The megabank, which has spent years trying to improve its regulatory compliance, now has just one consent order remaining.
The 2015 order brought by the OCC was the 13th closed since 2019 and the seventh this year. CEO Charlie Scharf indicated ...
Following the clearance of its second-to-last consent order this week, Wells Fargo is now one step away from clearing the various restrictions regulators imposed on the bank, largely tied to the ...
Wells Fargo cleared its twelfth consent order since 2019 and moved closer to fixing longstanding regulatory issues that have ...
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