The Hill, January 23, 2020: Federal bank watchdog charges five former Wells Fargo execs over accounts scandal
The Office of the Comptroller of the Currency (OCC) filed charges against five former senior Wells Fargo executives, seeking $37.5 million in fines over a series of sales scandals dating to the early 2000s.
“The actions announced by the OCC today reinforce the agency’s expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly and comply with applicable laws and regulations,” said Comptroller of the Currency Joseph Otting.
The OCC’s charges are the latest legal blow for Wells Fargo and its former executives over a toxic culture driven by bank brass centered on unrealistic sales targets and high pressure tactics.
