Home Economy Banking regulator says it missed opportunities to stop Wells Fargo sales practices

Banking regulator says it missed opportunities to stop Wells Fargo sales practices

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         Banking regulator says it missed opportunities to stop Wells Fargo sales practices

A federal banking regulator on Wednesday said it missed opportunities to stop Wells Fargo from bad sales practices that included opening millions of unauthorized accounts.

The Office of the Comptroller of the Currency found issues with sales practices in the bank’s audit committee reports as early as 2005 — and in the regulator’s core assessment conclusions since at least 2010.

A review found “untimely and ineffective supervision” of complaints, whistleblower cases, incentive programs and reputation risk.

Wells Fargo

WFC, -0.57%

  has been fined $185 million by regulators and been the subject of two congressional inquiries over practices including the unauthorized opening of millions of customer accounts.

Read: 10 shocking practices at Wells Fargo

New clawbacks from Wells Fargo executives put the pay taken from the former chief executive, John Stumpf, and ex-head of its community bank, Carrie Tolstedt, as the third- and fourth-highest in history.

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