US bank regulator was suspicious about Wells Fargo’s sales practices but did little about it – Los Angeles Times

The nation’s top bank regulator knew about problems with Wells Fargo & Co.’s sales practices as far back as 2010, but did little to put an end to the bank’s abuses, an internal agency review has concluded.

The Office of the Comptroller of the Currency said its oversight of the San Francisco bank was lax, and examiners missed numerous opportunities to address the wrongdoing prior to a $185-million settlement with Wells Fargo in 2016, according to a report released Wednesday.

Those practices ultimately led to the creation of as many as 2.1 million accounts that customers didn’t authorize.

“The OCC did not take timely and effective supervisory actions after the bank and the OCC together identified significant issues with complaint management and sales practices,” the report said.

US bank regulator was suspicious about Wells Fargo’s sales practices but did little about it – Los Angeles Times

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