Tuesday, October 20, 2020

Wells Fargo faces tighter restrictions

By on November 19, 2016

By Martin Crutsinger

WASHINGTON, D.C. — A federal banking regulator has imposed tighter restrictions on Wells Fargo & Co., requiring the banking giant to get advance approval from regulators before making a wide range of business decisions.

The Office of the Comptroller of the Currency, which oversees national banks, announced the action in a statement late Friday.

The OCC will require the bank to get prior approval before making changes in its board of directors and senior executive officers and also before making “golden parachute” payments to departing executives.

In a brief statement, the OCC did not offer any explanation of why it was altering the terms of the agreement it had negotiated with the bank in September. In that document, Wells Fargo agreed to pay $185 million to settle charges involving unauthorized customer accounts.

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