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Investigators Now Wondering If There Are Regulations Wells Fargo Hasn't Broken

If you're a federal regulator NOT looking into Wells Fargo, raise your hand...and then go investigate Wells Fargo.
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At this point, Tim Sloan should just start bragging about the mediocre wheelchair access at most Wells Fargo branches and how many female employees the bank didn't fire while they were on maternity leave.

Last night, the WSJ reported some more shitty news for the man who would be Stumpf:

The Securities and Exchange Commission is probing whether Wells Fargo & Co. violated rules around investor disclosures and other matters relating to its recent sales tactics scandal, people familiar with the matter said.
The SEC sent requests for information to the bank asking for documents in recent weeks, following three Democratic senators’ calls in late September for the SEC to investigate whether Wells Fargo misled investors and violated whistleblower protections while allegedly engaged in illegal sales practices, one of these people said. The probes are in an “early stage,” this person added.

So deeply ensconced is Wells Fargo in the doghouse of the American psyche that Elizabeth Warren might look at this news and text "U go, grl!!!" to her archfrenemy Mary Jo White. For a variety of reasons, the SEC was always going to dig into what went down at Wells, and MJ-Dubs was always going to have to make a real show of it when they did. But since Wells Fargo is now so "irresistible," she won't be the only agency head looking to break off a piece of this collective regulatory curb-stomping:

Wells Fargo & Co. is in talks with a group of federal and state prosecutors examining potential abuses related to mortgages as it continues to grapple with investigations and public outrage from its sales-practices scandal.
The bank disclosed in its most recent quarterly securities filing posted Thursday that it is in discussions with the Residential Mortgage-Backed Securities Working Group of the Financial Fraud Enforcement Task Force. That group, which includes the Justice Department, has levied billions of dollars in fines on other big U.S. banks, including a $16.65 billion payout from Bank of America Corp. and $13 billion from J.P. Morgan Chase & Co.

That's right, the stench coming off Wells Fargo is so putridly ripe that it has now awakened the RMBS Working Group from its zombie slumber. It's getting to the point where one could easily foresee the Senate banking committee asking Sloan in to point out what Wells Fargo hasn't done wrong in the last decade or so. But if he does show up on Capitol Hill, it better be a short hearing what with lawyers billing by the hour...

Wells Fargo didn’t disclose by how much it had increased litigation reserves during the quarter. It did say, though, that its range of possible litigation losses in excess of its “probable and estimable losses” rose to as much as $1.7 billion in the third quarter, up $700 million from the prior period. The bank said this increase was due to “a number of matters.”

And by "an number of matters," it means of course "being Wells Fargo."

SEC Probing Wells Fargo Around Sales-Practice Disclosures [WSJ]
Wells Fargo in Talks With Prosecutors Over Potential Mortgage Abuses [WSJ]


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"Do we have a guy maybe MORE tarred than Stumpf? Promote him!"

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Tim Sloan Is Feeling Himself Way Too Hard

Calm down, Timmy, you still run Wells Fargo.

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Mary Jo White Fixed Wells Fargo

As it happens, all it took was shuffling some boardroom chairs.