As part of our ongoing efforts to build a better bank following our improper sales practice announcement in September 2016, we are looking across our entire company to identify and fix problems, be transparent and open about what we find, and make things right. We set aside $142 million for customer remediation and settlement expenses. We also pledged to conduct a review of our business practices. In following through on that commitment, we've identified additional problem areas that we are in the process of addressing. And we made them public as part of our renewed commitment to transparency.In February 2018, we announced we have entered into a consent agreement with the Board of Governors of the Federal Reserve System to improve risk management, compliance and oversight. In a message to customers, CEO and President Tim Sloan said, "Wells Fargo still has work to do. Yet we are a better bank today than we were a year ago, and we become better and stronger each day. Thank you for doing business with Wells Fargo. Our top priority remains earning your trust each and every day."
http://www.brokeandbroker.com/3808/federal-reserve-wells-fargo/"We cannot tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again," Chair Janet L. Yellen said. "The enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely and with the protections needed to manage all of its risks and protect its customers."
Historic Federal Reserve Restrictions On Wells Fargo (BrokeAndBroker.com Blog, February 5, 2018)GUEST BLOG: The Department of Justice's Coming Out Party by Darrell Whitman (BrokeAndBroker.com Blog, February 6, 2018)DOL Whistleblower Darrell Whitman Files Emergency Request with US Office of Special Counsel (BrokeAndBroker.com Blog, November 24, 2017)As Washington Dithers by Darrell Whitman (BrokeAndBroker.com Blog, 5, 2017)Darrell Whitman Petitions Attorney General Sessions About Wells Fargo Investigation (BrokeAndBroker.com Blog, August 7, 2017)Wall Street Whistleblower Johnny Burris Speaks Truth to Power (BrokeAndBroker.com Blog, June 30, 2017)Wells Fargo's Stumpf Stumbles And FINRA Fumbles (BrokeAndBroker.com Blog, September 21, 2016) http://www.brokeandbroker.com/3252/finra-wells-fargo-atm