Original Source Material
The bank has sufficiently demonstrated improvements in governance and risk management since its 2016 fake-accounts scandal, the Federal Reserve said Thursday.
Wells Fargo 2018 enforcement action terminated
Summary
- Wells Fargo has had its 2018 enforcement action terminated by the Federal Reserve.
- The bank has shown sufficient improvements in governance and risk management since the 2016 fake-accounts scandal.
Why It Matters for Texas Credit Unions
While this article is about Wells Fargo, it highlights the importance of ongoing compliance and improvement efforts for credit unions to avoid enforcement actions. Texas CUs should ensure they are maintaining strong governance and risk management practices.