Banking Law News

Wells Fargo Fines Win Praise As Worries Remain Over Deregulation

Jan. 24, 2020, 8:58 PM

The Trump administration’s stiff penalties against former Wells Fargo executives over the bank’s fake account scandal hasn’t eased concerns that other violators could be slipping through the cracks in an era of deregulation.

The $59 million in total fines against the eight executives and industry ban against former Wells Fargo CEO John Stumpf is largely seen as unique to the bank, even though the Office of the Comptroller of the Currency touted yesterday’s enforcement action as a message to the broader industry.

“I worry a little bit that this is, look over here at the shiny object while we lighten...

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