03:27 GMT +313 November 2019
Listen Live
    The Federal Reserve headquarters in Washington, DC

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

    © Photo : Wikipedia/Dan Smith
    US
    Get short URL
    117
    Subscribe

    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.

    Related:

    US Customers’ Case Alleges Wells Fargo Bank Sales Quotas Prompted Fake Accounts
    US Government Sues Wells Fargo over Alleged Mortgage Fraud
    Tags:
    Federal Reserve System, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik