CFPB considers slapping Wells Fargo with more sanctions

Late last month, Wells Fargo CEO Tim Sloan abruptly stepped down and the rumor mill churned with word that the board sent him packing because of his failure to convince lawmakers on Capitol Hill that the beleaguered bank had turned a new leaf. It appears the rumors were true. CFPB Director Kathy Kraninger announced she is unhappy with Wells Fargo’s lackluster attempt to correct its risk management issues and that she is considering her options when it comes to the consequences.