An internal evaluation released Wednesday by the federal Office of the Comptroller of the Currency found that regulators were “untimely and ineffective” in supervising Wells Fargo’s banking practices that led to a $190 million settlement with the OCC and other regulators earlier this year.
According to the report, which was prepared at the request of Comptroller Thomas Curry in September, regulators with the office missed signs from as far back as 2005 that the bank had issues with its sales practices, some of which led to employee firings over “sales integrity violations.” Ultimately, Wells Fargo would settle with regulators after it was discovered that millions of accounts were opened in customers’ names without their permission.
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