Reported about 23 hours ago
Senator Elizabeth Warren urged the Federal Reserve to retain Wells Fargo's $1.95 trillion asset cap until the bank resolves its risk management and compliance issues. In her letter to Fed officials, she emphasized that Wells Fargo must demonstrate it can manage the risks of operating a large bank before the Fed considers lifting the cap, which was imposed following the bank's fake accounts scandal. Despite Wells Fargo's attempts to appeal the asset cap and improve its regulatory standing, Warren's stance highlights ongoing concerns about the bank's compliance record.
Source: YAHOO