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Analysis

Fed’s Wells Fargo Punishment Puts Pressure On Powell

Law360 (February 5, 2018, 8:49 PM EST) -- Now that the Federal Reserve has imposed stiff growth restrictions on Wells Fargo & Co. for its fraudulent account scandal and other consumer harms, all eyes will turn to the central bank’s new chairman to see how he carries through on the hefty penalties.

The penalties levied against Wells Fargo and its board came on the last working day for former Fed Chair Janet Yellen. Her successor, Jerome Powell, signed off on the penalties and, according to the New York Times, took a lead role in negotiating...
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