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Federal Reserve Imposes New Penalties on Wells Fargo

The Federal Reserve announced Friday that it was imposing more penalties on Wells Fargo, freezing the bank's growth until it can prove it has improved its internal controls. In addition, bank agreed to replace four board members. It's the latest blow against the San Francisco bank that has had its reputation tarnished by revelations it opened phony customer accounts and sold auto insurance to customers who did not need it. The new penalties were announced on Fed Chair Janet...

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