Skip to Content

Regulator eases restrictions on Wells Fargo, saying bank has fixed itself after sales scandal

AP Business Writer

NEW YORK (AP) — The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The news sent Wells Fargo’s stock up sharply in afternoon trading as investors speculated that the bank, which had been under a tight leash for by regulators for years, may be able to start growing again. The Office of the Comptroller of the Currency, the regulator of big national banks like Wells, terminated a consent order that required Wells to completely overhaul how it sold financial products to customers and provide additional consumer protections as well as employee protections for whistleblowers.

Article Topic Follows: AP National

Jump to comments ↓

Author Profile Photo

Associated Press


KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content