This could get interesting for WF
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@2zmc, you are correct it will not be lifted but the covid allegations are a stretch. No other servicer is going through the litigation we are on this; however, (IMO) it happened because we were being cautious. There are several cases that have been looked at and the customer did request it or they were in a default situation so there was an effort to keep them out of fc. Either way, xfx was talking about operations. If anyone is asking attorneys or risk partners about issues around the cap, there is nothing to tell. It’s a broad issue where we have several lines of business that have to make updates to their processes and document their plan. If they haven’t completed their own plans, what can an attorney or risk do? There are also issues around sensitive information and a need to know. Sometimes people ask something like, “will the regulators be satisfied with this change?” We aren’t going to speculate officially. All we can do is restate the expectations. People don’t seem to get that this work is complex and it’s going to take time. The cap is not getting lifted and thankfully some people get it - like you. With all the complaints on this site, how is anyone surprised? We just simply aren’t there yet.
That’s why they hired the thieving Richard Daley to pay off these crooked Democrat politicians.
For the folks saying it’ll be lifted soon, where are you getting your information?
My understanding (from having read the document from the Fed) is that they’re waiting on a documented plan for how Charlie is going to make sure we can no longer open accounts for people without their consent or knowledge. This had been promised earlier this year but had not been forthcoming (which I think is the question not being answered that @xfx is talking about). In the meantime, we ended up in the news for placing people on a covid restructuring mortgage payment plan without their consent or knowledge, which is not a great look.
So I ask again, if this is going to be lifted “soon”, where are you getting your information?
Asset Cap won’t be lifted any time soon. Certainly not until we are no longer a danger to the U.S. Banking system. We are going to have to sell several lines of business to more competent and more ethical institutions who can run them better.
When the Wells problem has been trimmed enough to significantly lessen the immediate danger and toxicity, the focus will return to the corruption and it will be cleaned up and cleaned out.
The asset cap may very well never be lifted and probably should never be based upon the history of corruption. Who would want to risk that scenario?
You folks should lighten up. The Asset Cap will be lifted soon enough.
Better timing would sadly be when enough people would have been laid off to be noticeable by market watchers. When that cap is lifted, by next summer and the pandemic is under reasonable control, watch WF roar back.
Layoffs are a necessary evil.
Guys, I'm starting to think all the criming we did was a bad idea.
But if 8 is Great 11 would be heaven, ammirite?
@xfx, what are you not getting answered by corporate lawyers? Legal’s job is to protect their client-wells and not necessarily you- so I’m not sure what you mean. You are to be provided guidance, best practices and legal risks so YOU can make business decisions.
I have news for you, the OLD administration was no help. For those of you throwing out your doomsday forecasts about yellen, just stop bc it doesnt matter and the guy that was going to “deregulate the industry,” did not. The cfpb is still alive, kicking and staying on us as they should.
Jan 21 sh– will hit the fan.. WF will b history by the end of the incoming administration ..
The Treasury secretary matters quite a bit because the OCC is a key agency. Yellin will be coming at the bank from another angle now.
The asset cap plan was due in September, we’re coming up on December, not a peep.
I have complete faith that Wells is not capable of getting their act together enough for the asset cap to be removed. Anyone with any knowledge of the inner workings of the bank will agree.
Too many glad-handlers worked their way up the corporate ladder. So now we have too few managers who are experts in the departments they manage, for example staying on top of regulations affecting their business. The good managers are too buried and too distracted by worthless C-Suite projects to properly keep their eye on the ball. And then the Compliance areas that are supposed to support these managers/departments are reluctant to take any responsibility for decisions. The corporate lawyers and compliance specialists are all masters at avoiding giving a solid answer to a direct question No one at Wells Fargo wants to take any responsibility.
Finally, our technology is too outdated to meet ever-changing complex compliance requirements and improve risk oversight.
And all this in a time where our CEO and the BOD is desperate to dramatically cut costs? It’s never going to happen.
Asset cap for another 4 years = start looking for another job before Schart lays you off
Life is too short. Believe it or not, most other companies are growing and doing well right now.
It doesn’t really matter for WF who the T.S is. J Powell is the person that will make a decision on the Asset Cap.
More like WF is f*cked