COMPLIANCE WEEK: OCC fines former Wells Fargo CEO $17.5M, bans him from banking industry
Compliance Week - Lori Tripoli - 1/24/20
The Office of the Comptroller of the Currency (OCC) banned former Wells Fargo Bank CEO John Stumpf from participating in the banking industry Thursday.
In settling with the OCC, Stumpf also agreed to pay a $17.5 million civil penalty to resolve longstanding problems during his tenure at the bank. Stumpf reached his deal with the OCC without admitting any wrongdoing.
By taking action against Stumpf and other former executives at Wells Fargo, the OCC is reinforcing “the agency’s expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations,” said Comptroller of the Currency Joseph Otting in a press release.
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