Bank regulator: Review after Wells Fargo scandal failed to find industry-wide fraud

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Bank regulator: Review after Wells Fargo scandal failed to find industry-wide fraud

Bank regulator: Review after Wells Fargo scandal failed to find industry-wide fraud

THE HILL-

A top U.S. bank regulator on Wednesday said his agency did not find widespread openings of unauthorized accounts at major U.S. banks in a review spurred by Wells Fargo’s fraudulent sales practices.

Comptroller of the Currency Joseph Otting told lawmakers Wednesday he found no “pervasive or systemic issues” at the largest U.S. banks after reviewing roughly 500 million savings, checking, credit and insurance accounts and policies.

Otting, a former bank executive, said the Office of the Comptroller of the Currency (OCC) found roughly 20,000 accounts with compliance issues out of the hundreds of millions analyzed. Of those problematic accounts, Otting said that less than half were unauthorized.

[THE HILL]

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One Response to “Bank regulator: Review after Wells Fargo scandal failed to find industry-wide fraud”

  1. GEOFF says:

    B.S.

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