The Fed drops the hammer on Wells Fargo

By artappraiser on Fri, 02/02/2018 - 8:24pm |

By Donna Borak, Danielle Wiener-Bronner and Jackie Wattles, @ CNNMoney, Feb. 2, 8:08 pm

The Fed handed down unprecedented punishment late Friday for what it called the bank's "widespread consumer abuses," including its notorious creation of millions of fake customer accounts. Wells Fargo won't be allowed to get any bigger than it was at the end of last year -- $2 trillion in assets -- until the Fed is satisfied that it has cleaned up its act.

Under pressure from the Fed, the bank agreed to remove three people from the board of directors by April and a fourth by the end of the year.

It is the first time the Federal Reserve has imposed a cap on the entire assets of a financial institution, according to a Fed official. "We cannot tolerate pervasive and persistent misconduct at any bank," outgoing Fed Chairwoman Janet Yellen said in a statement [....]

URL:

http://money.cnn.com/2018/02/02/news/companies/wells-fargo-federal-reserve/index.html

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Board of Governors of The Federal Reserve System press release:

February 02, 2018

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

For release at 6:15 p.m. EST

by artappraiser on Fri, 02/02/2018 - 8:27pm

Liz Warren:

.@realDonaldTrump has filled our top economic jobs with people obsessed with sucking up to Wall Street, & today is Yellen’s last day at the Fed. Tomorrow, her replacement will face a choice: show the same kind of courage – or own the next financial crisis. https://t.co/lJq1A3OXBg
— Elizabeth Warren (@SenWarren) February 3, 2018

by artappraiser on Fri, 02/02/2018 - 8:44pm

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