Sunday, November 20, 2016

"Executives at Wells Fargo & Co. over the weekend were grasping to understand more stringent management restrictions newly imposed on the bank by the Office of the Comptroller of the Currency"

"The Office of the Comptroller of the Currency late Friday said the bank must now get approval before making a wide range of business decisions.

By EMILY GLAZER and  RACHEL WITKOWSKI; Nov. 20, 2016 6:21 p.m. ET

"...The lender remained in the dark about both the reason for and implications of the banking regulator’s mandate, which was issued in a terse statement late Friday. The agency is now requiring the bank to get approval before making a wide range of business decisions or rewarding departing executives with severance payments.

The new restrictions reverse some freedoms the OCC initially granted in its September agreement with Wells Fargo...

...It is also restricted from executive severance payouts, sometimes called “golden parachutes.”

Bankers and advisers over the weekend were analyzing the OCC’s waiver change...

It is unclear whether any new stance would impact other settlements that have already been signed.

...Wells Fargo CEO Timothy Sloan said the updated OCC requirements are “not a result of any new event or issue”...
1. Wells Fargo defrauded, recommitted and is currently committing fraud on thousands of Wells Fargo clients whose accounts are governed by The Investment Advisors Act of 1940 via misleading Envision financial plans without what clients are charged included, and goals lowered so Financial Advisors could qualify for the 4front incentive bonus' after the Wells Fargo Wachovia merger.

2. In 2008 and 2009, unknown to shareholders and the public but known to Wells Fargo CEO John Stumpf among others, Wells Fargo borrowed money from the Fed's Term Auction Facility (TAF), representing massive, material undisclosed loans and credit lines with the Fed, details of which were not disclosed within Wells Fargo's 2008 and 2009 Wachovia merger related litigation pleadings, affidavits and SOX certified SEC filings.
Wells Fargo, Wachovia And The Fed

Wells Fargo SEC Whistleblower Evidence

John Stumpf's Sarbanes Oxley Securities Fraud at Wells Fargo

Wells Fargo "Envision" Retirement Plan Incentive Bonus Fraud

Goldman Sachs, Wells Fargo, Wachovia and Perella Weinberg