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Wells Fargo to End Inspection Warnings
[Photo: Wells Fargo Branch, by NoeHill / Wikimedia Commons]
Wells Fargo will stop giving branches advance notice of visits by internal compliance officers, effective 3/31/17. The announcement comes after the Wells CEO Tim Sloan received a letter from Elizabeth Warren and 5 other members of the Senate Banking Committee complaining about advance warnings of the reviews.
“This policy was originally in place so each branch could ensure it is staffed to assist with the review and maintain customer experience,” according to the Wells statement.
“It is important to note that for nearly 10 years, Wells Fargo has pulled digital copies of new account forms and signature cards to review them in advance of branch visit reviews with no advance notice to team members.”
The letter from the senators asks Sloan to respond to 15 questions about the branches’ advance-notice situations, as well as “the possible destruction and concealment of evidence tied to the bank’s recent fake-accounts scandal.”
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