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 Wave Turns

Why Retirement Investing Is Moving Towards Resilience Jeremy Grantham’s latest market warnings have revived an old tru... Read more

Gyrostat Capital Management: July Retirement Portfolio Resilience Assessment

The Market Is Currently Presenting an Opportunity to Strengthen Retirement Portfolio Resilienc... Read more

The Invisible Risk That Decides Your Retirement

Why how investors behave matters more than what markets do and what disciplined port... Read more

Gyrostat Capital Management: The Missing Allocation In Retirement Portfolio Construction?

For decades, retirement portfolios have largely been constructed using combinations of growth assets a... Read more

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