US Federal Reserve to Focus Supervision on Big Banks After Wells Fargo Abuses

Federal Reserve Chair Janet Yelen said that the US Federal Reserve will focus its supervision on large banking institutions after the abuses exposed at Wells Fargo.

WASHINGTON (Sputnik) — The US Federal Reserve will focus its supervision on large banking institutions after the abuses exposed at Wells Fargo, Federal Reserve Chair Janet Yelen said in a briefing on Wednesday.

"In terms of our [Federal Reserve] overall supervisory responsibility for Wells [Fargo] and other large banking organizations… this will be a particular focus of our supervision," Yellen said when asked about the recent Wells Fargo abuses.