The U.S. government should go after payouts to former Wells Fargo & Co (>> Wells Fargo & Co) executives involved in a scandal over unauthorized accounts now that a federal regulator has said it has the power to do so, lawmakers said on Monday.
The San Francisco-based bank reached a $190 million settlement with federal regulators after admitting employees opened as many as 2 million accounts without customer consent.
That September deal allowed Wells Fargo to make “golden parachute” payments to departing executives. But on Friday, the Office of the Comptroller of the Currency, which oversees many federal banks, voided those terms.
On Monday, two leading Democratic lawmakers urged the OCC to move ahead and revoke compensation to relevant executives.
“Bank executives shouldn’t get golden parachutes while employees making $12 an hour get shown the door,” U.S. Senator Sherrod Brown of Ohio told Reuters in a statement.
DON’T LET THE BANKS TRICK YOU!
Register for a FREE Mortgage Fraud Analysis and get the FACTS you need to make the right decision regarding your loan!
For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
Fraudstoppers PMA
Feel free to connect with us . . .
Address:
332 S Michigan Avenue
Suite 1032 #F513
Chicago IL 60604-4434
Phone: 844-372-8378
Legal Information Is Not Legal Advice: This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Fraud Stoppers is NOT a law firm, non-profit organization, or government agency. Register for your Free Mortgage Fraud Analysis and Securitization Search, and get Free Foreclosure Defense Help and Free Foreclosure Defense Documents that you can use to stop a foreclosure and save your house.
