Wells Fargo Stock Sinks After Bank's Growth Restricted
Wells Fargo Stock Sinks After Bank's Growth Restricted
Rate rises are coming, but global economic strength will allow metals to weather the downward pressure on the dollar
07 February, 2018, 02:01
"We can not tolerate pervasive and persistent misconduct at any bank", outgoing Fed Chair Janet Yellen said in a statement, citing "recent and widespread consumer abuses and other compliance breakdowns".
Until the Fed determines that the bank's practices have improved, the bank can not increase its assets beyond $1.95 trillion, where they stood at the end of 2017.
The bank said the asset cap will remain in effect at least until the strengthened oversight plans and the findings of the outside review win Fed approval.
Yellen had previously said she would step down from the Fed's Board of Governors after finishing her term as chair.
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"The firm has much to do to gain back the trust of its clients, managers, financial specialists and people in general", Yellen told the legislator.
In 2016 it was brought to light that workers at the bank had opened more than 3 million consumer credit card and deposit accounts without the authorization of the customer dating back to 2011. The company kept coming under fire after revealing that auto-loan clients were forced to pay for unwanted vehicle insurance and that mortgage customers were improperly charged fees. She's following in the footsteps of her predecessor at the Fed, Ben Bernanke, who joined Brookings in 2014.
CEO and President of Wells Fargo Timothy Sloan said that the bank takes the Federal Reserve order very seriously and is focused on addressing all the concerns the Fed has.
Wells Fargo chose six autonomous chiefs in 2017, and three other individuals intend to resign before a yearly investors meeting, the organization said.
While its banking industry rivals grown, the Fed sanctions will hold Well's Fargo's total consolidated assets to the $2 trillion level measured as of December 31, 2017. Nine current board members including Chairman Betsy Duke were on the panel before the scandals began erupting.
Wells Fargo paid $185 million to resolve the initial sales scandal.
The bank must submit a plan to the Fed within 60 days detailing how it has enhanced oversight from its board of directors and improved compliance and risk management functions, and how it plans to improve further.
Late past year, the OCC told the bank's board that authorities may take additional enforcement actions over the auto insurance and mortgage improprieties, people familiar with the situation said.
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