April 28 (Reuters) - Wells Fargo (WFC.N) has cleared its twelfth consent order since 2019, the lender said on Monday, moving closer to fixing longstanding regulatory issues that have kept the bank under strict oversight and an asset cap of $1.95 trillion.
https://www.reuters.com/business/finance/wells-fargo-says-cfpb-terminated-consent-order-tied-compliance-risk-2025-04-28/
When the Trumpistas get done gutting all oversight and regulations, it will be open season on grift and fleece, the most being from the Trump crime family, who even made money off the White House easter egg event.
Half of the compliance org under Derek will be gone by 2026 March. Citi had huge compliance org and now there are few folks cleaning the desk and taking good nap.
@e0 Have you seen the drop in expected container arrivals at the USA's busiest port?
That will have a serious domino affect. Amazon's drop in sales has led to UPS laying off 20k workers. And the toothbrush-mustache-guy-in-chief threw a hissy fit when Amazon announced plans to show the price increase of tariffs on receipts.
Keep acting like this is going well, though. 45% of America giving him an "F" grade on economic policy is absolutely normal, right?
FakeNews! Anyone with an ounce of common sense knows that the public and shareholders are being manipulated! They are corrupt as F inside!
I hope it never gets listed. Wells has a serious culture problem when it comes to risk. People always chose money over doing thr right thing.
Half the paper losses are already recovered during the temporary buying opportunity. In a "month or two" we'll likely be in a better place, not worse. If it comes to pass, what other issue will you move on to?
@bm Hate to break it to you, but people who understand language aren't fooled by the attempt to appear non-partisan when the post was clearly directed at one side of the political aisle.
Give it another month or two, then you'll start to see the destruction this administration is bringing. Just because you're not well-off enough to feel the pain of the stock market going bo-m doesn't mean everyone else doesn't feel it.
Don't believe me? Go read the latest polls that our whiner in chief complained about today. 2-1 unfavorable about his mismanagement of the economy.
Love seeing people getting their pa-ties in a wad. Nowhere in that post was it supporting a political side or figure.
That post merely states that it seems everyone on the left think that the world is going to end, chaos in the streets, no food or clothing. It will be anarchy. Just cool your ti-s and worry about yourself. Stay off the Internet if you need to because you can't handle headlines.
Wells is winning. People can't handle it.
Just so you know, Liz Warren did not create fake customer accounts, WF did.
I can say first hand that when these announcements are made, lots of controls in place making sure we do the right thing will be tossed aside. They see it not as "hey we did the right thing congrats", but "as hey the anti-scam cops aren't looking lets do what we want." The whole "they'll regulate themselves" argument was proven wrong in 2008 and again in 2016. Hence why the agencies that are the anti-scam police (CFPB, OCC, FED) are important when they actually force banks to do the right thing and not sc--w over their customers.
@a8 government regulation favors are for sale due to the current administration. Expect more scandals that avoid any repercussions. It's about fleecing America of all remaining wealth that the workers have accumulated.
I'm not a fan of too much regulation but I sure hope there's not too much of the opposite (completely lax regulation). Liz Warren has had it out for big banks for awhile so it's nice to see her out back in her seat for once. I hate to see Schart getting credit for some of this stuff while he sc--ws over thousands of good employees with his "strategy".