A new wave of regulatory probing, already underway, is likely to result in enforcement actions and headaches for banks, industry observers say, as regulators at the Office of the Comptroller of the Currency and elsewhere take their next steps in the aftermath of the Wells Fargo scandal.
“I think that going forward, it’s likely that the OCC is going to scrutinize the cross-selling practices it supervises and additional actions, whether formal or informal, are likely,” said Daniel Stipano, partner at Buckley Sandler and a former 16-year veteran of the OCC.
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