The Federal Reserve REJECTS Wells Fraud-O Plans to Clean Up Their Act

The Federal Reserve REJECTS Wells Fraud-O Plans to Clean Up Their Act from Channel News Asia

TDC Note – What a surprise. Wells Fraud-O has put together such a poorly written plan to fix their fraudulent ways that not even the Federal Reserve, you know the king of fraud, can allow it to move forward. That is some seriously thin white-washing. How bad does it have to be when the Federal Reserve tells Wells Fraud-O they will not support their latest scheme of fraud and theft? WOW!!

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The Federal Reserve has rejected Wells Fargo & Co’s plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions.

The Federal Reserve has rejected Wells Fargo & Co’s plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions.

The concerns raised by the Fed, which have not been previously reported, are likely to increase the time it takes the central bank to lift an asset cap it imposed on Wells Fargo in February following a string of sales practices scandals.

The bank must draw-up a robust plan to improve its governance and risk management controls before the Fed will lift the cap and in February Wells Fargo CEO Tim Sloan said the bank was “on the fast track” to meeting those conditions.

Both the Fed and Wells Fargo declined to comment on the specifics of the review.

Wells Fargo subsequently submitted its plan in April expecting the Fed to sign-off on it over the summer, but the central bank instead told the country’s fourth-largest lender to go back to the drawing board, the people said.

The settlement requires Wells Fargo to toughen board oversight, repay customers hurt by past abuses, and make more than 20 other improvements to its governance, risk management and compliance controls.

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Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.