Latest news with #ConsumerAbuses
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Wells Fargo Freed From Asset Cap Imposed After Fake-Accounts Scandal
Federal regulators moved to lift an unprecedented punishment that had handcuffed growth at Wells Fargo WFC 1.24%increase; green up pointing triangle, a milestone in the bank's efforts to repair its tarnished reputation after its fake-accounts scandal erupted nearly a decade ago. The Federal Reserve Board of Governors voted to remove the restriction that had capped the bank's assets at around $2 trillion. It was the most severe rebuke handed down after the bank's disclosure it had opened millions of unauthorized customer accounts. The 2018 order had pointed to 'widespread consumer abuses and compliance breakdowns.'
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Wells Fargo Freed From Asset Cap Imposed After Fake-Account Scandal
Federal regulators moved to lift an unprecedented punishment that had handcuffed growth at Wells Fargo WFC 1.24%increase; green up pointing triangle, a milestone in the bank's efforts to repair its tarnished reputation after its fake-accounts scandal erupted nearly a decade ago. The Federal Reserve Board of Governors voted to remove the restriction that had capped the bank's assets at around $2 trillion. It was the most severe rebuke handed down after the bank's disclosure it had opened millions of unauthorized customer accounts. The 2018 order had pointed to 'widespread consumer abuses and compliance breakdowns.'
