One of the consequences of non-compliance is a higher level of scrutiny from the regulators.
“Wells Fargo Places Two Executives On Leave,” The Wall Street Journal, October 25, 2018 B10. The Comptroller of the Currency sent letters to two WF executives about their failures of oversight at the bank in connection with WF’s sales practices. Execs (chief administrative officer and chief auditor) placed on leave and removed from operating committee.
Boy, does that ever not look good on your resume.
Why did the regulator have to do this? One reason is that WF didn’t do it itself. Would your compliance system do better? Do the directors still have their jobs?
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