A group of Democratic senators recently wrote the Office of the Comptroller of Currency to express “serious concerns” about the agency’s implementation of recommendations from a review of sales practices at Wells Fargo.
The review report was issued in April 2017, and the letter said the review “recommends the adoption of several initiatives to enhance complaint and whistleblower analysis and follow-up, strengthen supervisory communication and institutional accountability, and ensure systemic root causes of risk are identified and addressed at both the supervised bank and throughout the industry at-large.”
Comptroller Joseph Otting replied in a letter that the senators were wrong to suggest the OCC had not taken steps to implement recommendations. Read on for details of what the OCC has done.
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