US regulators warn Wells Fargo of new penalties, report claims

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Two US banking regulators have told Wells Fargo that it is lagging in compensating victims of its financial misconduct and risks fresh penalties, according to media reports.

Bloomberg said on August 31 that the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency are concerned about the bank’s actions.    

The CFPB told Central Banking it would not comment on the report. The OCC had not responded to a request for comment by the time this article was published

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