- The Federal Reserve ordered Wells Fargo to halt its growth, citing "widespread consumer abuses and other compliance breakdowns."
- The bank is barred from growing beyond its size at the end of 2017 until it has satisfied the Fed that it has improved its compliance and governance polices
WASHINGTON (Reuters) - The Federal Reserve ordered Wells Fargo on Friday to halt its growth, citing "widespread consumer abuses and other compliance breakdowns" at the bank.
The Federal Reserve Board said in a statement that it "would restrict the growth of the firm until it sufficiently improves its governance and controls. Concurrently with the Board’s action, Wells Fargo will replace three current board members by April and a fourth board member by the end of the year."
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