OCC ALJ Slams ex-Wells Fargo Execs

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, we continue the ongoing saga of Wells Fargo and its fraudulent accounts scandal. Recently an administrative law judge has affirmed that three former audit and risk management executives at Wells Fargo should face millions in penalties for their sloppy oversight during the bank’s fake-account scandal in the 2010s. The defendants were Claudia Russ Anderson, former group risk officer for Wells Fargo’s community banking division; David Julian, former chief auditor; and Paul McLinko, former executive audit director.

Some of the highlights include:

·      The background facts. 

·      Will the fallout from the Wells Fargo fake accounts scandal ever end? (Hint-When our Sun goes supernova.)

·      What is failure to provide a credible challenge?

·      Why are these execs trying to defend their inaction?

·      Why a clear line of authority is needed in compliance.

·      A root cause analysis is a basic Hallmark of an effective compliance program. Why was it separately called out?

·      What are the lessons learned for compliance?

 Resources

Matt Kelly in Radical Compliance

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