The Office of the Comptroller of the Currency sent formal letters to banks earlier this month
The Office of the Comptroller of the Currency earlier this month sent formal letters to large and regional banks seeking information about sales practices and incentive-compensation structures following the Wells Fargo & Co. scandal, people familiar with the requests said.
The OCC sent letters to banks under its supervision including J.P. Morgan Chase & Co., Bank of America Corp. and Citigroup Inc., these people said. The requests followed earlier, informal questions about those practices.
Wells Fargo opened as many as 2 million accounts using unauthorized or fictitious customer information. That has sparked a slew of federal and state investigations, including by the Justice Department, and led to its CEO resigning earlier this month. It has also called into question what practices exist at other banks and whether Wells Fargo is isolated in its retail-banking problems.