U.S. regulator to announce enforcement actions against former Wells Fargo executives: sources

[turbinetree]

Source: Reuters

BUSINESS NEWS JANUARY 23, 2020 / 12:20 PM / UPDATED 38 MINUTES AGO

WASHINGTON (Reuters) - One of Wells Fargo & Co’s (WFC.N) top regulators plans to announce enforcement actions against as many as 10 individuals in relation to the bank’s sales practices scandal as soon as Thursday, a person familiar with the matter told Reuters.

The Office of the Comptroller of the Currency (OCC) actions will target a “breadth” of individuals, including former executives, for their role in the scandal that erupted three years ago, a second person with knowledge of the discussions said. The actions may result in monetary penalties against the individuals and bans from working for OCC-regulated banks, one of the sources said.

Wells Fargo declined to comment. A spokesman for the OCC did not immediately provide comment.

The OCC actions would mark the first time a federal government agency has sought to punish individuals for their roles in the San Francisco-based lender’s scandal, instead of just the institution.

Read more: https://www.reuters.com/article/us-wells-fargo-regulator-charges/u-s-regulator-to-announce-enforcement-actions-against-former-wells-fargo-executives-sources-idUSKBN1ZM2M2

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https://www.reuters.com/article/us-wellsfargo-regulator-charges-occ/ex-wells-fargo-executives-face-civil-charges-multimillion-dollar-fines-from-u-s-bank-regulator-idUSKBN1ZM2SQ

[angrychair]

1. So one most ask

How and why is this happening?

Many corporations and especially banks, have done far more egregiously bad stuff then this and suffered ZERO consequences.
That this bank and its executives are being held accountable for its actions is so anomalous that one cannot help but wonder why.

How is Wells Fargo out in the cold? What is so different that they are being singled out? Again, not saying they shouldn't be held accountable, it's just so strange that you could tell me you saw elephants fly and I would believe that before ever believing that the govt is holding ANY corporation accountable for misdeeds.

[OldBaldy1701E]

2. Oh, the banks are not being held to anything...

that is why they are throwing those execs and employees under the bus. Any fine will be a pittance and any regulatory actions will just be removed after the public forgets that these animals literally tried to rook people (some of them with almost nothing in the first place) with lies and deceit. And, they will get away with it, in the sense that the bank will still be there and they will still be doing underhanded things to suck up more money. Hey, caveat emptor, right?