Can someone explain to me the exact requirements that Wells Fargo needs to meet in order to have the asset cap removed?
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“We’re not telling you because we can’t tell you; it’s considered nonpublic communication with a regulator and can’t be disclosed” is literally more information than most people on this board get. “Here is a link to the Fed’s CO’s that will give you a general idea but I can’t tell you more than that” would be a big improvement.
@1kfs hit the nail on the head. This has been addressed repeatedly in calls, when people unaware ask "what are we doing and when will it be lifted"? And the response is basically we're working on it and can't share more, it really is a a "need to know" basis, for the nuts and bolts detail of the plans and work. So if you are not on one of the many teams working throughout the bank working on the FRB/OCC consent orders, you won't see any update on what's happening. They literally cannot share more detail. I will add, that there are a ton of people working ridiculous hours to help get this work done. Please keep doing your jobs and they'll keep doing theirs. This CO won't be going away for many more years due to the amount of work to be done. It's a tremendous effort bank-wide.
Asset cap is nowhere close to being lifted. Why do you think assets are being sold? Make room for new business growth and game the numbers under the cap.
There are different layers of information, some of which is publicly available and some of which is not.
The details of specific shortcomings, MRAs, etc that are summarized broadly by the publicly available info are what is considered CSI. So to the question of "what do we have to do" - there is a lot more to it than just reading the publicly available info.
To be relieved from the asset cap, WFC has to submit to the FRB plans, results and proof that the concerns that the FRB has expressed in the publicly available information are satisfied, and satisfied at the detailed level that goes to the specific, non-public CSI info.
So yes, you are able to see some of it. But much of the nuts-and-bolts is not public, and restricted internally - not by WF policy, by regulator policy.
@1mbi, I believe you are referring to Confidential Supervisor Information training. If you check on Teamworks, you will see that this clearly does not apply to a Consent Order that was put in a press release, although the training is not exactly clear about this. This is not nonpublic communication with a regulatory body.
If you took your 300 assigned training courses assigned there's a reason they don't discuss, the regulators have said corrective actions are not to be discussed.
Hilarious that I sometimes get more info out here than I do from WFC.
It's pathetic that people in the company act so secretively about something that is publicly available on the internet literally a few clicks away via Google.... go figure!!! No wonder why they can't get the most basic of the regulatory findings closed without having to re-submit plans over and over again.
A good portion of the details behind the asset cap is PUBLIC information available on the Federal Reserve website:
https://www.federalreserve.gov/newsevents/pressreleases/enforcement20180202a.htm
plus the following attachments:
https://www.federalreserve.gov/newsevents/pressreleases/files/enf20180202a1.pdf
https://www.federalreserve.gov/newsevents/pressreleases/files/enf20180202a2.pdf
No problem. I seem to recall there were multiple CO’s from the Fed, the OCC and the CFPB but I think it’s the ones with the Fed that are driving this. Somebody else pribably knows more.
Post ID: @1bxw+18eArqaI
Thank you for providing this link.
OP is a lazy reporter (cue the music, while OP responds saying that is not true.)
https://www.federalreserve.gov/newsevents/pressreleases/enforcement20180202a.htm
There’ve been amendments but what you want to do is google “consent order”. I don’t know why the bank doesn’t spell this out for employees more than they do.
I think it requires all management levels to be replaced with JP Morgan alumni, a chaotic reshuffle of all rules and process without communication or a new plan, and an all out move to eliminate staff while spending enough on corp office renovation to win design awards.
The collective team pulled together after a few knuckleheads got the bank into trouble and most of us have been working for the last few years on trying to save the bank. The Board sold us all out with the new 'leadership' they brought in.
It's quite simple, really. Demonstrate to the Fed that Wells Fargo can stop screwing up by screwing its customers.
Right!...that's what they should be transparent about & make it a collective "team" effort to remove it.