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Wells Fargo 2016 accounts scandal, Rules and regulations created by US…
Wells Fargo 2016 accounts scandal
Various political PESTEL forces
United States Federal Reserve
Impact on Wells Fargo due to scandal
Payment of fines to Federal Reserve because of scandal
$5.6 Billion payment to the state and federal authorities.
Reduction in Company's profitability
Implementation of growth restrictions by the Federal Reserve (2018
)
Wells Fargo has to implement operational changes
Federal reserve must approve new operational procedures in order for the bank's growth to resume.
Wells Fargo Implements new cost saving initiatives in hopes of bringing an end to Fed's cap on assets
Resumption of Wells Fargo's growth
Recovery of company stock
Profitability increases
Federal Investigators
Impact on Wells Fargo due to scandal
Federal investigation due to 2016 scandal
Wells Fargo reprimanded for wide scale consumer abuse
Loss of consumer trust
Investigation by Consumer Financial Protection Bureau regarding account freezes and closeouts after scandal
Wells Fargo to pay $185 million in fines to Consumer Financial Protection Bureau for opening unauthorised accounts
United states Department of Justice
Impact on Wells Fargo due to Scandal
Wells Fargo agree to pay DOJ and other entities a total of $3 billion dollars because of scandal
Rules and regulations created by US Congress
Directives taken from the US governemnt
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