Leaked Wells Fargo Seizure Statement

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Leaked Wells Fargo Seizure Statement Anonymous Wed Mar 15 02:15:14 2023 No.54126302 [Reply] [Original]

The Federal Deposit Insurance Corporation (FDIC) has today taken control of Wells Fargo Bank, National Association (Wells Fargo) after determining that the bank had engaged in unsafe and unsound banking practices and had failed to make progress in addressing its problems.
"Wells Fargo has repeatedly demonstrated a disregard for its customers and a lack of accountability for its actions," said FDIC Chairwoman Jelena McWilliams. "The bank's failure to address these issues has left us with no choice but to take action to protect depositors and ensure the safety and soundness of the banking system."
The FDIC's action is intended to protect depositors and ensure the safety and soundness of the banking system. Under the terms of the seizure, the FDIC will take control of Wells Fargo's assets and operations, and will work to sell or transfer them to other banks or financial institutions.

Depositors' funds will be protected by the FDIC's insurance program, which covers up to $250,000 per account. Customers can continue to access their accounts and use their ATM and debit cards as normal. Checks drawn on Wells Fargo will continue to be honored, and loan payments should continue to be made as usual.

The FDIC's decision to seize Wells Fargo follows a pattern of misconduct and noncompliance by the bank, which has failed to address its problems despite repeated warnings and interventions by regulators. The FDIC has determined that the bank's actions pose a risk to the safety and soundness of the banking system, and that the only way to protect depositors is to take control of the bank's assets and operations.

The FDIC is committed to working with other regulators and industry stakeholders to ensure a smooth and orderly transition for Wells Fargo's customers, employees, and shareholders. The FDIC will provide updates on the transition process as more information becomes available.

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