Economy

Feds warn banks not to use Wells Fargo-style tactics

By Joseph Lawler
Published November 28, 2016 6:51pm ET
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Feds warn banks not to use Wells Fargo-style tactics
CFPB Director Richard Cordray said, "Tying bonuses and job security to business goals that are unrealistic or not properly monitored can lead to illegal practices like unauthorized account openings and deceptive sales tactics." (AP Photo/Steve Helber) | Steve Helber

Banks received a warning from the federal government Monday not to employ the kind of sales tactics implicated in Wells Fargo’s fake accounts scandal.

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Banks CFPB Finance Joseph Lawler Minusextra Richard Cordray