Citing the company’s multiple violations of consumer protection laws, the Federal Reserve Board recently announced that it would restrict Wells Fargo’s growth until it can sufficiently improve its corporate governance and risk management processes.
The Fed also ordered Wells Fargo to replace three of its board members by April and a fourth by the end of the year.
Find out what the sanctions against the company entail, as well as what reactions they have elicited from the company and the industry.