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KM Financial Solutions | Fed orders Wells Fargo to halt ‘growth’ over compliance issues
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Fed orders Wells Fargo to halt ‘growth’ over compliance issues

01 Feb Fed orders Wells Fargo to halt ‘growth’ over compliance issues

Posted at 23:27h in News by
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WASHINGTON, Feb 2 (Reuters) – The Federal Reserve ordered
Wells Fargo on Friday to halt its growth, citing “widespread
consumer abuses and other compliance breakdowns” at the bank.
The Federal Reserve Board said in a statement that it “would
restrict the growth of the firm until it sufficiently improves
its governance and controls. Concurrently with the Board’s
action, Wells Fargo will replace three current board members by
April and a fourth board member by the end of the year. “

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