Federal Reserve Releases Fargo from Corsame, which has prevented the bank from rising in 2018 | The economy

The United States Federal Reserve announced on Tuesday that Wells Fargo would no longer be subject to The Limit of Property imposed by the supervisor in 2018 Against the bank. The Federal Reserve has decided to meet all the necessary conditions through the compulsive measure of the Wells Fargo 2018 for the removal of that corset for seven years, which prevented it from increasing the size of his balance and conditioned his maintenance.

The Federal Reserve imposes that limit in response to users’ general abuse, including the opening of accounts without consent and other general violations made by the company. Supervisor Bank demanded improving his risk management and risk management program and submitting improvements to external review to increase that veto to grow.

The heritage of scandals led to the Federal Reserve Limit your assets to $ 1.95 billion, The size of his balance in 2017, until he proves that he is protecting his clients against abuse. Increasing impossible to lose the billion dollar -beneficial company. The bank has celebrated this decision for months.

“The decision of the Federal Reserve to lift the property limit indicates a basic milestone in our way to the transformation of Wells Fargo. Thanks to the work we have done today, thanks to the work we have done today,” Wells Fargo CEO Charlie Sharf said by a statement. “In addition, we have changed our business combination and simplified, and we have changed the management team and the way we manage the entity. We have improved our financial results and our profile, we have done in the future of Entity.

Scandals in Wells Fargo utility activities burst in 2016 It is the revelation that employees have opened millions of false accounts to meet sales targets. The problems of the entity have increased as new manipulations in business routes such as mortgages and car loans. The manipulations expand from at least 2002 to 2016 and have created false records or proper identification. A great political move scandal knows the direction of fictional accounts from years earlier.

Sharf celebrated this part on Tuesday as a milestone for MTT’s 215,000 employees. “As a model of our thanks for our achievement, the full -time employees from Wells Fargo get a special satisfaction from the Fargo. For the majority, it will be in the form of granting limited shares. We want to have a gift of 2000 dollars, but we want to have ATMs and consumer services.

Outside the general recruitment schedule, the bank’s actions were forcibly increased this Tuesday after the announcement. Some other restrictions imposed by the Federal Reserve are in effect. The Supervisor said the removal of the growth limit reflects the important progress made to correct its shortcomings and met the conditions needed to eliminate the mentioned limit. Other provisions of 2018 forced measurement will be in place until the bank fulfills the requirements to cancel.

Wells Fargo Agreed to pay $ 3,000 million Creating US research on their clients on generalized abuse for more than a decade. Then, the Pay $ 3.7 billion to accepted in 2024 Debt for the manipulation of mortgage manipulations, borrowing for car purchase and abuse commission collection. As well as He arrived in an agreement in 2023 Pay shareholders for $ 1 billion (more than 900 million euros) in their attempt to resolve a mass claim The unauthorized accounts scandal of Entity in 2016.