Wells Fargo faces tighter controls as U.S. regulator reverses course
Source: Reuters
A leading U.S. bank regulator on Friday reversed course and positioned the agency to claw back pay of former executives at Wells Fargo & Co after a phony-accounts scandal.
The lender must also now seek prior approval before naming new bank leadership, said the Office of the Comptroller of the Currency, the main regulator for federal banks.
Friday's move may target executive pay at Wells Fargo at a time when some lawmakers complain bank bosses have not paid a fair price for their part in financial scandals.
Wells Fargo in September agreed to pay $190 million to settle charges that bank employees opened as many as 2 million accounts without customers' knowledge.
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Read more: http://www.reuters.com/article/us-wells-fargo-accounts-payouts-idUSKBN13D2Q6
MONEY | Fri Nov 18, 2016 | 10:14pm EST
By Patrick Rucker | WASHINGTON
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