US Eases Restrictions On Wells Fargo After Years Of Strict Oversight Following Scandal

NEW YORK (AP) — The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.

The news sent Wells Fargo’s stock up sharply in afternoon trading as investors speculated that the bank, which had been under a tight leash for by regulators for years, may be able to start growing again.

The Office of the Comptroller of the Currency, the regulator of big national banks like Wells, terminated a consent order that required Wells to completely overhaul how it sold financial products to customers and provide additional consumer protections as well as employee protections for whistleblowers.