Fed Slaps Unusual Penalty On Wells Fargo Following 'Widespread Consumer Abuses'
The Fed announced Friday that the bank is forbidden from growing beyond its current size and pushed for the ouster of four board members after the bank admitted to a fake account scandal.
In a rare move, the Federal Reserve announced Friday that it is restricting Wells Fargo's growth and demanding the replacement of four board members in response to "widespread consumer abuses and compliance breakdowns" at the bank.
"Until the. This is first time the Fed has placed a cap on the overall growth of a firm.
