Business

How the Fed’s Wells Fargo crackdown makes deregulation easier

By James Langford
Published February 13, 2018 5:01am ET
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How the Fed’s Wells Fargo crackdown makes deregulation easier
While some reports have described the Federal Reserve's action against Wells Farego as unprecedented, the central bank imposed a similar restriction on New York-based Citigroup in March 2006. (Daniel Tepper/Bloomberg) | Daniel Tepper

For Wells Fargo investors, the Federal Reserve’s imposition of a timeout on growth at the bank was just one more grim development. The bank is being penalized after employees created millions of unauthorized customer accounts and charged borrowers for unneeded auto insurance.

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Bank of America Banks Barack Obama CFPB Elizabeth Warren Eric Holder Federal Reserve James Langford Janet Yellen Jerome Powell JPMorgan Lehman Mike Crapo Moodys Regulations Senate Banking Committee