More Wells Fargo fallout: Feds to look into sales practices at other Wall Street banks

From Bloomberg:

Wells Fargo’s largest competitors have received regulators’ formal requests for information and have been preparing for their practices to be scrutinized by examiners in the coming days, said the person, who requested anonymity because the process isn’t public.

CFPB Director Richard Cordray said his agency will “follow up aggressively” with the rest of the industry, but indicated at the Senate hearing that he doesn’t expect to find the same level of problems as at Wells Fargo, where employees were pushed to open multiple accounts for customers.

“Wells Fargo bank no doubt was the industry leader in aggressively cross-selling products, which led in part to the extreme circumstances we find here,” he said to lawmakers.


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