Wells Fargo Fraud Exposes Soft Spot In Bank Supervision
By Evan Weinberger (September 16, 2016, 8:27 PM EDT) -- Wells Fargo employees appear to have found the soft underbelly of federal bank supervision when they generated more than 2 million accounts for unwitting customers because examiners would not typically look at such accounts, experts say.
While there are some questions about how the scam at Wells Fargo & Co. could occur under the noses of federal regulators, including those from the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, the simple answer is that bank examiners would not typically look at the mundane details of new account openings unless tipped off and simply don't have...
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