OCC Report Highlights Agency's Wells Fargo Missteps

Law360, New York (April 19, 2017, 6:41 PM EDT) -- The federal banking regulator charged with overseeing Wells Fargo & Co. failed to act quickly to curb fake account generation at the bank despite being aware of the problems as early as 2010 and receiving around 700 whistleblower complaints, an internal review released Wednesday said.

The review released by the Office of the Comptroller of the Currency found that the national bank regulator had evidence that employees at Wells Fargo were generating fake accounts to meet aggressive sales targets set by the bank but did not...
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