(Credit: Spencer Platt/Getty Images)
Wells Fargo Faces New Sanctions After Fake-Accounts Scandal
Pedestrians pass a Wells Fargo bank branch in lower Manhattan on April 15, 2016, in New York City. (Credit: Spencer Platt/Getty Images)
A federal regulator has tightened restrictions on Wells Fargo & Co., requiring it to get approval to replace or hire new executives and make other changes, in the latest fallout over the San Francisco bank’s fake-accounts scandal. Specifically, the OCC said it was canceling parts that had shielded Wells Fargo from some oversight usually reserved for troubled banks. Click here to read the full story on LATimes.com. Late Friday, the Office of the Comptroller of the Currency, one of the regulators that reached a $185 million settlement with the bank over the creation of unauthorized customer accounts, issued a brief statement saying it was revoking some of the terms of that Sept. The OCC did not issue a statement explaining the cancellation, but Wade Francis, a former OCC bank examiner, said the move amounts to a regulatory vote of no-confidence in the bank’s leadership. 8 deal. Pedestrians pass a Wells Fargo bank branch in lower Manhattan on April 15, 2016, in New York City.