The Office of the Comptroller of the Currency, the main regulator for federal banks, reversed its stance and positioned itself to take back pay of former executives at Wells Fargo following the bank’s phony-accounts scandal, Reuters reports,
The move comes amid complaints from lawmakers who say bank bosses have not paid a fair price for their part in financial scandals.
"The OCC informed the Bank today that it has revoked... relief from specific requirements and limitations regarding rules, policies, and procedures for corporate activities," the agency said in a Friday evening statement.
A Wells Fargo official said on Friday that the bank is on track to restore its reputation and business.
"This will not inhibit our ability to execute our strategy, rebuild trust and serve our customers," said spokeswoman Jennifer Dunn.
Wells Fargo must also now seek prior approval before naming new bank leadership, the OCC said.