Federal Regulator Fined Wells Fargo Over $500M — But Won’t Identify Other Banks Creating Unauthorized Accounts

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A federal bank regulator that has fined Wells Fargo more than $500 million over its creation of unauthorized accounts and other consumer abuses has found evidence of sales practice problems at other large and midsize banks — but is refusing to name those institutions.

The Office of the Comptroller of the Currency, the nation’s main bank regulator, found “bank-specific instances of accounts being opened without proof of customer consent” as part of a review of more than 40 banks spurred by the Wells Fargo scandal, agency spokesman Bryan Hubbard told The Times in an email Friday.

However, the agency will not be naming the banks where it found potentially unauthorized accounts or providing details on banks’ specific conduct, he said.

“We do not comment on specific supervisory matters pertaining to particular banks, and exam findings are not released,” Hubbard said.

Read the full story on LATimes.com.

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