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OCC details mistakes with Wells Fargo supervision

Joe Mont | April 21, 2017

The conclusion of an internal review conducted by the Office of the Comptroller of the Currency, in its simplest terms: regulators dropped the ball when reviewing potential malfeasance at Wells Fargo.

Among the regrettable oversights documented in the April 20 report was a failure to adequately address “red flags” and virtually ignoring the substance of more than 700 whistleblower complaints.

“The actions of Wells Fargo highlight that the OCC must continue our efforts to improve and refine the agency’s supervisory program, to sharpen our early warning process, and to enhance our supervisory capabilities,” the report says.

Earlier this year, the OCC, City of Los Angeles, and the Consumer Financial Protection Bureau announced that Wells Fargo Bank, a subsidiary of Wells Fargo & Company, was fined $185 million....

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