The agency levied the largest fine in its history, $100 million, against Wells Fargo when the bank initially acknowledged its fake accounts problem last September. “We apologize to everyone who was harmed by unacceptable sales practices,” Wells Fargo chief executive Tim Sloan said. For its latest review, Wells Fargo examined internal data dating back to 2009 rather than 2011 as it had done initially, leading it to potentially identify the additional 1 million fake accounts. Wells Fargo has faced criticism for its handling of a scandal involving fake accounts set up by Wells Fargo employees. The Federal Reserve should remove every Wells Fargo board member who served during this scandal, Warren said on Twitter Thursday.

Source: Washington Post August 31, 2017 13:55 UTC