Wall Street Banks to Face On-Site Reviews of Sales Practices
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Regulators want to ensure Wells Fargo scandal isn’t repeated
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Agencies said to start bank exams within the coming days
To ensure Wells Fargo & Co.’s scandal over unauthorized customer accounts isn’t being repeated at other lenders, regulators are poised to start reviewing data and talking to employees inside the biggest U.S. banks, according to a person familiar with the matter.
Wells Fargo’s largest competitors have received regulators’ formal requests for information and have been preparing for their practices to be scrutinized by examiners in the coming days, said the person, who requested anonymity because the process isn’t public. The reviews come on the heels of Wells Fargo agreeing to pay $185 million to authorities including the Consumer Financial Protection Bureau last month, lawmakers grilling the bank’s officials and Chief Executive Officer John Stumpf stepping down…
Wall Street Banks to Face On-Site Reviews of Sales Practices
