Fed Terminates Enforcement Action Imposed on Wells Fargo Due to Fake Accounts Scandal

Federal Reserve lifts key Wells Fargo consent order tied to customer account scandal

"Under the 2018 enforcement action, the bank was required to demonstrate that improvements to its governance and risk management program made the program effective, and completed two third-party reviews of these improvements," according to the Federal Reserve Board statement.

Fed Ends Regulatory Action Against Wells Fargo Over Fake Accounts

The Federal Reserve Board on March 5 announced it is terminating its 2018 enforcement action against Wells Fargo after determining that the bank had met all of the required conditions imposed on it following a fake accounts scandal dating back to 2016. Under the enforcement action, the bank was required to show improvements to its governance and risk-management program, as well as complete two third-party reviews of those improvements. The origi…

Fed terminates enforcement action imposed on Wells Fargo due to fake accounts scandal

The U.S. Federal Reserve announced on Thursday it had terminated the ​enforcement action it imposed on Wells Fargo following the ‌bank's widespread fake accounts scandal, saying the bank had sufficiently overhauled its operations.

Wells Fargo 2018 enforcement action terminated

The bank has sufficiently demonstrated improvements in governance and risk management since its 2016 fake-accounts scandal, the Federal Reserve said Thursday.

US Fed ends 2018 enforcement action against Wells Fargo

The US Federal Reserve Board has formally concluded its 2018 enforcement action against Wells Fargo, stating that the bank had fulfilled all regulatory requirements.   This marks the end of a period of heightened scrutiny that followed a series of misconduct incidents at the financial institution.  The enforcement action was implemented after investigations revealed that Wells Fargo staff had opened accounts and transferred funds without custome…

Wells Fargo 2018 Federal Reserve Consent Order Terminated