The issues at Wells Fargo are still unfolding. "We continue to hold the firm accountable for its deficiencies with an unprecedented asset cap that will stay in place until the firm has fixed its problems," Federal Reserve Chairman Jerome Powell told reporters at a press conference in late 2021. In addition to fines, Wells Fargo has faced a cap on its assets, issued by the Federal Reserve in 2018. The bank says it's working to comply with a barrage of consent orders issued by the government dating back to 2016. Regulators for banking, consumer protection, trading, and workplace safety continue to keep a close watch on Wells Fargo. This and other issues have led the government to fine the bank repeatedly. The bank opened at least 3.5 million fraudulent accounts for unwitting customers, according to researchers at the Harvard Business School. Reports of fraudulent activity in Wells Fargo's sales department first surfaced in 2013. Its reputation today is in tatters, following a notorious scandal that is still unfolding. Wells Fargo is one of the oldest and most powerful banks in the United States.
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