KM Financial Solutions | Fed orders Wells Fargo to halt ‘growth’ over compliance issues
9229
post-template-default,single,single-post,postid-9229,single-format-standard,qode-quick-links-1.0,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,hide_top_bar_on_mobile_header,qode-child-theme-ver-1.0.0,qode-theme-ver-11.2,qode-theme-bridge,wpb-js-composer js-comp-ver-5.2.1,vc_responsive
 

Fed orders Wells Fargo to halt ‘growth’ over compliance issues

Fed orders Wells Fargo to halt ‘growth’ over compliance issues

WASHINGTON, Feb 2 (Reuters) – The Federal Reserve ordered
Wells Fargo on Friday to halt its growth, citing “widespread
consumer abuses and other compliance breakdowns” at the bank.
The Federal Reserve Board said in a statement that it “would
restrict the growth of the firm until it sufficiently improves
its governance and controls. Concurrently with the Board’s
action, Wells Fargo will replace three current board members by
April and a fourth board member by the end of the year. “

No Comments

Sorry, the comment form is closed at this time.