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Fed imposes more penalties on Wells Fargo - KRISTV.com | Continuous News Coverage | Corpus Christi

Fed imposes more penalties on Wells Fargo

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WASHINGTON, D.C. -

(AP) - The Federal Reserve is imposing more penalties on Wells Fargo, freezing the bank's growth until it can prove it has improved its internal controls.
    
In addition, the San Francisco-based bank agreed to replace three board members by April and a fourth by the end of this year.
    
The new penalties were announced late Friday on Fed Chair Janet Yellen's last day at the central bank.
    
In a statement, she said that the Fed "cannot tolerate pervasive and persistent misconduct at any bank."
    
Wells Fargo has admitted that employees opened more than 3 million fake accounts in order to meet sales quotas. It ended up paying $185 million to regulators and settled a class-action suit for $142 million.

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