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Full Commission Didn’t Support Penalty SEC Gave Wells Fargo

Feb. 25, 2020, 11:01 AM

The SEC’s commissioners were divided over a penalty they gave to Wells Fargo & Co. as part of the bank’s $3 billion settlement to resolve federal probes into abuses against customers, according to agency records.

Hester Peirce, a Republican on the Securities and Exchange Commission, opposed the $500 million the SEC directed Wells Fargo to pay in connection with the bank’s deal with the agency and the Justice Department last Friday. But she ultimately approved the SEC’s order, which laid out the commission’s allegations against Wells Fargo and included a requirement that it cease and desist from future securities fraud. ...