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Scandal-plagued Wells Fargo faces cap on growth: regulators

By
Kevin Dugan
Published April 9, 2019
Updated April 9, 2019, 10:31 p.m. ET

Three of the most powerful federal bank regulators said Wells Fargo hasn’t gone far enough to make whole the customers it’s harmed — and faces a cap on its growth for an indefinite amount of time, according to letters released Tuesday.

Sens. Elizabeth Warren and Sherrod Brown released letters from the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau that responded to questions about how the bank has handled cleaning up its sales scandals since 2016.

“I am not satisfied with the bank’s progress to date,” Kathy Kraninger, director of the Consumer Financial Protection Bureau, wrote in an April 5 letter to the senators.

In a separate letter, Fed Chairman Jerome Powell said he didn’t intend to lift a limit on the company’s asset size any time soon.

The bank’s last chief executive, Tim Sloan, resigned on March 28, in part over pressure from Washington and his handling of the bank’s risk management.

A spokeswoman for Wells declined to comment.