The Fed: Fed Vice Chairman Recuses Himself On Wells Fargo Matters

Randal K. Quarles

The Federal Reserve’s top official on regulatory matters on Friday voluntarily recused himself from any matters specific to Wells Fargo, the bank embroiled in a number of investigations.

Randal Quarles, the Fed’s new vice chairman for supervision, said the potential conflict came from his extended family’s sale of an interest to the bank. Quarles divested his own stake in Wells WFC, +1.10%  before becoming vice chairman, the Fed said.

Quarles will still be involved in regulating Wells Fargo, since he’ll still oversee the Fed’s supervision and regulatory responsibilities.

Wells Fargo has felt the heat from regulators since it was found the bank opened millions of customer accounts without permission. It’s also facing investigations over auto insurance and mortgage fees.

RECENT NEWS

When The Gate Comes Down

A Stress Test Rather Than a ScandalApollo Debt Solutions is not a blow-up story. It is something arguably more instructi... Read more

What If The Investment Industry Is Benchmarking The Wrong Things?

  Investment management is built around benchmarking.  Fund managers compare themselves a... Read more

SpaceX Is Looks To Make History

The Biggest Bet in Wall Street History: SpaceX's $1.78 Trillion IPOThere are moments in financial history that stop you ... Read more

Gyrostat June Market Outlook: When Low Volatility Conceals Structural Risk

This monthly Gyrostat Risk-Managed Market Outlook does not attempt to forecast market direc... Read more

Why Low Volatility Is Not The Same As Low Risk

Why Low Volatility is Not The Same As Low Risk Some of the worst-performing portfolios in... Read more

Gyrostat May Market Outlook: When The Cost Of Protection Falls - Signals For Portfolio Positioning

This monthly Gyrostat Risk-Managed Market Outlook does not attempt to forecast market direction. It... Read more