Wells Fargo Overdraft Scam Makes Elizabeth Warren More Important Than Ever

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At blogs.alternet.org

In other lines of business, this kind of scheming is known as 'backdating,' and it's considered 'fraud.' But Wells Fargo officials are unlikely to be prosecuted for this outright theft, because they were aided and abetted by the top federal bank regulatory agency, the Office of Comptroller of the Currency. In 2004, the OCC issued an interpretive letter granting formal approval to overdraft backdating.

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At blogs.alternet.org


 

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