NEW YORK (AP) — The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
Millions of unauthorized accounts were opened, severely tarnishing the reputation of Wells Fargo, once among the most sterling in banking.
The decision is a major victory for Wells' management and Charles Scharf, who took over as CEO in 2019.
There remains in place a Federal Reserve consent order against Wells as well as a requirement by the Fed that Wells grow no bigger than its current size until it fixed its sales culture.
The Fed did not immediately respond to comment, but the OCC's decision is likely to pressure the Fed to make its own decision regarding its restrictions on Wells.
Persons:
—, Wells, Charles Scharf, ” Scharf
Organizations:
Biden, Employees, Currency, OCC, Fed
Locations:
Wells, Wells Fargo