Fed Slows Wells Fargo Growth for Controls Failures
Friday, February 9, 2018 9:55 AM

Responding to recent and widespread consumer abuses and other compliance breakdowns by Wells Fargo & Company (WFC), the Federal Reserve Board on Friday announced that it has restricted the growth of the firm until it sufficiently improves its governance and controls. Concurrently with the Board's action, WFC will replace three current board members by April and a fourth board member by the end of the year. Until the firm makes sufficient improvements, it will be restricted from growing any larger than its total asset size as of the end of 2017.

Source:  Federal Reserve