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Wells Fargo
And & Co.'s many regulatory problems have spread to another part of its business: its technology operations.
In recent weeks, the Office of the Controller of Money has sent Wells Fargo a regulatory warning that often precedes an enforcement action, according to people close to the case.
The bank has also failed or is unlikely to meet the deadlines for about two dozen technology-based OCC regulatory warnings, known as attention-seeking issues, that have been issued since 2014 or earlier, officials said. .
Regulators Identify Issues in Wells Fargo's Technology Activities, Including Software Vulnerabilities, Cyber Security Issues and Inconsistencies in Risk Management, According to a June Corporate Technology-Focused Internal Banking Document by the Wall Street Journal.
"At Wells Fargo, we are in constant dialogue with our regulators and we are working diligently to take their reactions into account," said Wells Fargo spokeswoman Richele Messick. She said the bank did not comment on confidential regulations.
Ms Messick added that the security of receivables and bank information was her highest priority.
A spokesman for the OCC declined to comment.
Regulatory attention to Wells Fargo's technology monitoring is the bank's latest problem since the scandal of its sales practices that erupted more than two years ago. Federal and state investigations were conducted in each of the bank's major business units, and regulators pushed it privately to add more outsiders to its senior ranks.
The bank has taken steps to address the concerns of regulators.
Wells Fargo announced in late October that it would appoint a new Chief Technology Officer to report to Chief Executive Officer Timothy Sloan and join the bank's executive committee of senior executives. The executive will oversee the bank's information technology and information security teams.
"This new combined team will allow us to further accelerate our efforts to simplify Wells Fargo's technological environment, strengthen our security capabilities, mitigate risk and improve our ability to meet our commercial and regulatory commitments," said Minister said Sloan in a statement. time.
Wells Fargo had originally scheduled the chief technology officer to report to CFO John Shrewsberry, but the bank changed reporting after the OCC raised objections, according to people close to the case.
On November 1, Wells Fargo said it had brought in a former
JPMorgan Chase
& Co. assumes the role of Chief Operating Officer of its corporate information technology team, overseeing enterprise technology strategy, processes and operations.
Write to Emily Glazer at [email protected]
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