Thursday April 20, 2017
The Office of the Comptroller opf the Currency
is faulting itself for failing to address problems at WFC before it was too late.
According to the OCC’s report, examiners met with Carrie Tolstedt, the executive in charge of Wells Fargo’s consumer banking operations, to discuss 700 whistleblower complaints regarding the bank’s aggressive sales practices. Tolstedt told regulators at the time that the large number of complaints was due to Wells Fargo having a culture that “encourages valid complaints, which are then investigated and appropriately addressed,” according to the report.
Despite knowing about these complaints and other problems, the OCC declined to investigate further. It also did not look into risks that could come from compensation programs like those at Wells. The OCC’s examiners took no action against Wells Fargo through at least 2014, according to the report, which would have been months after the Los Angeles Times published its investigation into Wells’ sales practices in Southern California.
So the CEO, the Board, the Internal Auditors, the External Auditors, and now the Government Oversight group failed the depositors.
Do you suppose anyone at the Comptroller's Office will lose their job?
Professor Elam 
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