Home Stock & SharesBanks Federal Bank regulator fails to address missing Wells Fargo issues

Federal Bank regulator fails to address missing Wells Fargo issues

by Jonathan Adams

The nation’s big bank regulator is faulting itself for failing to address the problems at Wells Fargo before it was too late.

Bank examiners saw sales problems at Wells Fargo as early as 2010 and met with executives but declined to investigate further, the inspector general at the Office of the Comptroller of the Currency said Wednesday.

The OCC, a division of the Treasury Dept., was investigating after it came to light that Wells Fargo workers opened up to 2 million accounts without customer permission as employees tried to meet sales goals.

“The OCC did not take timely and effective supervisory actions after the bank and the OCC identified significant issues with … sales practices,” the office’s inspector general said in its report.

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