Wells Fargo Granted More Time For Reform, But Initial Plan Rejected
Required to pay back disgruntled customers and make dramatic changes to its governance and compliance controls
- |
- Written by Banking Exchange Staff
Last week, it was made known that Wells Fargo’s plan for reform was rejected by the federal government. Wells Fargo was required to pay back disgruntled customers and make dramatic changes to its governance and compliance controls.
In theory, the bank could have been subject to more fines and scrutiny by the government by missing deadlines, but it does not appear that will happen as a good faith effort was made.
The asset cap, however, that was implemented will not be lifted in 2018. Wells Fargo still has a ways to go in satisfying the government in terms of its checks and balances. The bank stated, “We work diligently to address feedback provided. This is an ongoing, iterative process.
Wells Fargo was not the only bank last week that has been in trouble recently and is continuing to face scrutiny. Deutsche Bank is now being called into question over its link to Danske Bank’s recent troubles.
Tagged under Feature, Management, Compliance, Bank Boardroom, Compliance Management, Compliance/Regulatory, Consumer Compliance, Mortgage Compliance, Feature3, Commercial,
Related items
- Fourth Installment: SAS Executive Stu Bradley Discusses 2024 Anti-Fraud Report and Its Findings
- Banks, Mastercard and Visa Settle Antitrust Case
- Third Installment: SAS Executive Stu Bradley Discusses 2024 Anti-Fraud Report and Its Findings
- OakNorth’s Pre-Tax Profits Increase by 23% While Expanding Its Offering to The US
- Banking Exchange Interview: Soups Ranjan Founder and CEO of Sardine Discusses AI