American regulators to Wells to Fargo: This is unacceptable

[Yo_Mama_Been_Loggin]

Federal regulators slapped Wells Fargo with yet another fine for failing to move fast enough to compensate customers who were victims of the bank's "unsafe or unsound" practices.

The Office of the Comptroller of the Currency, the banking regulator within the Treasury Department, told the scandal-plagued bank it must pay $250 million because it couldn't -— or wouldn't — make good on its promises. The punishment stems from a 2018 order that found problems with the bank's auto and home lending operations, including insufficient risk-management practices and improper fines imposed on customers.

At the time, as part of a $1 billion settlement, the bank agreed to improve its practices and pay restitution to customers. But that's not happening fast enough, according to the OCC.

"Wells Fargo has not met the requirements of the OCC's 2018 action against the bank. This is unacceptable," said Acting Comptroller Michael J. Hsu.

https://www.msn.com/en-us/money/news/american-regulators-to-wells-to-fargo-this-is-unacceptable/ar-AAOj6L2

[Demovictory9]

1. Wells fargo is the worst

[Deuxcents]

2. I would have thought

They were fined out of existence by now.

[cojoel]

5. banks make a lot of money

even when under heavy regulation. Somewhat negates points about business regulation preventing making money...

[Joinfortmill]

3. Jeez, they suck.

[zuul]

4. This us what happens when white collar criminals

aren’t charged for criminal offenses. They pay a pittance (maybe) and keep committing the same crimes. Because it’s profitable and no one ever goes to jail.

[CrackityJones75]

6. The Wachovia acquisition is when things went real bad.

When it was tun under Dick Kovacevich it was still somewhat a reputable bank.