US Bank Wells Fargo must receive a new penalty of $ 250 million because it does not comply with the requirements of a compensation penalty for the relevant customer borrowers in 2018.0: 00/2: 00 Nam Branch of Wells Fargo Bank. Photo: Reuters of monetary control (OCC), one of the main management institutions US banking systems, has made a penalty on. OCC heads, Mr. Michael Hsu, OCC rights, said Wells Fargo did not comply with the 2018 penalty of OCC and this was unacceptable
. In 2018, OCC and the Consumer Finance Protection Department (CFPB) fined the Bank based in this California 1 billion USD and Request this bank demand to re-pay the amount of damaged customers and forced the Bank to strengthen the risk management programs. The above penalty is given after Wells Fargo admitted to open 3.5 million fake accounts since 2002 - 2017, allowing their employees to accept from selling new products and unnecessary premiums for more than half a million loans to buy cars
The new penalty mentioned above, Wells Fargo will face restrictions on implementing banking activities in the future until the current issues of lending services Mortgages are resolved satisfactorily. Address OCC will continue to use all tools, including business restrictions, to ensure national banks must finish all the problems on time, Transparent operations, thereby ensuring benefits for customers. Applications with OCC announcements, CEO Wells Fargo, Chargo Scharf said that OCC's actions forced banks to continue to solve their difficulties Currently. In February, 2020, Wells Fargo was fined 3 billion USD regarding fake accounts scandal. Up to now, this bank has paid a total of more than $ 7 billion for penalties related to unparalleled business activities.Occ also banned Mr. John Stumpf - Director of Wells Fargo in the period of 2015-2016, No. participate in the banking sector ./. Lan Phuong / VNA
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