U.S. Senator Elizabeth Warren has urged the Federal Reserve to force Wells Fargo to separate its traditional banking and Wall Street businesses after the lender was handed yet another regulatory action and a $250 million fine this month from the Office of the Comptroller of the Currency (OCC).
“Wells Fargo has not met the requirements of the OCC’s 2018 action against the bank. This is unacceptable,” Acting Comptroller of the Currency Michael J. Hsu commented. “In addition to the $250 million civil money penalty that we are assessing against Wells Fargo, today’s action puts limits on the bank’s future activities until existing problems in mortgage servicing are adequately addressed."
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