Wells Fargo isn't the only bank with fake accounts, regulators say

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Wells Fargo isn’t the only bank with fake accounts, regulators say

Wells Fargo isn’t the only bank with fake accounts, regulators say

CNN-

Wells Fargo isn’t the only bank where heavy sales pressure led employees to open fake accounts.

A federal review triggered by the Wells Fargo scandal found that “weaknesses” at other banks led employees to open accounts without proof of customer consent — just like Wells Fargo did — according to the Office of the Comptroller of the Currency.

The probe of more than 40 large and midsize banks concluded that the cause of those fake accounts included “short-term sales promotions without adequate risk controls,” deficient procedures and other isolated instances of “employee misconduct.”

[CNN]

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