What regulatory actions were taken against Wells Fargo?
Regulators Warn Wells Fargo Over Pace of Restitution
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The video discusses the issues faced by Wells Fargo, starting with the 2016 scandal where employees opened fake accounts to meet sales goals. This led to regulatory actions, fines, and leadership changes, including the resignation of two CEOs. The bank signed consent orders with regulators but has struggled to meet compliance and risk management requirements. Current CEO Charlie Scharf has been working on resolving these issues since 2019, but challenges remain in unweaving the complex web of fake accounts.
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What aspects were the main focus of the consent orders from regulators?
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