HomeFinance NewsFinanceWells Fargo's Faked Accounts Nightmare Finally Over!

Wells Fargo’s Faked Accounts Nightmare Finally Over!


Wells Fargo says regulator has lifted a key penalty tied to its 2016 fake accounts scandal


Wells Fargo has received a reprieve from one of its regulators.

The Office of the Comptroller of the Currency has lifted a penalty that was imposed following the bank’s 2016 fake accounts scandal.

Wells Fargo was required to overhaul how it sold its retail products as a result of the penalty, but that requirement has now been removed.

This is a significant milestone for the bank and could lead to the removal of further restrictions in the future.

  • Overall sentiment: positive
  • Positive

    “Wells Fargo said Thursday one of its primary regulators lifted a key penalty from its 2016 fake accounts scandal.”

    “Shares of the bank jumped more than 6% on the news.”


    “The attention tarnished the bank’s reputation and forced the retirement of both ex-CEO John Stumpf in 2016 and successor Tim Sloan in 2019”

    “The 2016 fake accounts scandal — in which the bank admitted to putting customers into more than 3 million unauthorized accounts — unleashed a wave of scrutiny that revealed problems related to the servicing of mortgages, auto loans and other consumer accounts.”

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