Sales practice has joined low reserves, hacking and a growing credit risk as the chief threats to the US banking system, according to regulator, the Office of the Comptroller of the Currency. The move follows the scandal surrounding Wells Fargo, which was fined $185m in 2016, for opening "ghost credit-card and bank accounts". Comptroller Rick Wilking said the regulator would examine how the selected banks manage their sales practices, and would expand its work depending on findings.
Sales practice has joined low reserves, hacking and a growing credit risk as the chief threats to the US banking system, according to regulator, the Office of the Comptroller of the Currency. The move follows the scandal surrounding Wells Fargo, which was fined $185m in 2016, for opening "ghost credit-card and bank accounts". Comptroller Thomas Curry said the regulator would examine how the selected banks manage their sales practices, and would expand its work depending on findings.