Monday, 19 February, 2018

Janet Yellen's Fed tenure may be the calm before the storm

Trump credited with success, but scandal not far behind Rate rises are coming, but global economic strength will allow metals to weather the downward pressure on the dollar
Andy Castillo | 07 February, 2018, 02:02

S. central bank on Friday made it harder for Chief Executive Tim Sloan to ramp up lending with a rare, company-wide bar on Wells Fargo growing past the $1.95 trillion in assets it held at the end of previous year.

Wells Fargo says Federal Reserve sanctions on the bank after a fake accounts scandal and other problems could reduce the embattled bank's profits by as much as $400 million this year.

It also announced that until the bank proves its compliance and obedience of governance rules, it is prohibited from growing past its end of 2017 size.

In a statement, the Brookings Institution said Yellen's "record looks pretty darn good".

"We can not tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again", Yellen said in a statement.

Janet Yellen, head of the US?Federal Reserve for the past four years, will join the Brookings Institution next week as a fellow in economic studies, the think tank said Friday.

The bank said the asset cap will remain in effect at least until the strengthened oversight plans and the findings of the outside review win Fed approval.

CEO and President of Wells Fargo Timothy Sloan said that the bank takes the Federal Reserve order very seriously and is focused on addressing all the concerns the Fed has. The company kept coming under fire after revealing that auto-loan clients were forced to pay for unwanted vehicle insurance and that mortgage customers were improperly charged fees.

England scrum-half Youngs in doubt for rest of 6 Nations
Center-back Ben Te'o has been picked instead of Jonathan Joseph for England's Six Nations match against Italy in Rome on Sunday. Defensively we made a couple of errors and Italy were able to capitalise on them but they're something we can work on and fix.

Wells Fargo, because of this restriction, is planning to replace three of its directors before April and one more before the end of 2018.

Since the 2016 settlement, Wells has taken steps to enhance oversight at the board level, centralize risk-management functions and install new executives to oversee key businesses and control functions.

Wells Fargo will be able to continue current activities including accepting customer deposits or making consumer loans, the Fed said.

The Fed set a September 30 deadline for the bank to outline reforms and have them reviewed by an outside firm.

The Fed's move is the latest and most serious regulatory action against the bank over the past year and a half.

The Fed specifically cited the need to strengthen oversight by the bank's board of directors, and sent letters outlining the failures to Stumpf and another former director.

Wells Fargo's balance sheet expanded steadily from the end of 2013 to 2016, but growth slowed dramatically previous year as it battled to address the issues raised by the scandal.

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