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US orders Wells Fargo to halt expansion over 'abuses'

The Fed order restricts the bank from growing any larger "until it sufficiently improves its governance and controls," and asks Wells Fargo to submit an action plan to the Fed within 60 days. The bank prioritized growth over ensuring effective risk management and "the enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely," Yellen said in what was perhaps her last official act as Fed chair.
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