Timothy Higus Senior Editor Loyola University School of Law, JD 2021 Ah, the spring – the smell of rain, sights of blooming flowers, the sounds of birds chirping, and government-imposed standardized tests. School leaders, teachers, and even state superintendents are again asking the U.S. Department of Education (“ED”) to waive their obligation to take standardized …
Following the 2016 Wells Fargo scandal in which the bank opened millions of unauthorized bank and credit card accounts to collect fees, federal regulators have worked to address and respond to the corporation’s illegal conduct. On February 2nd, 2018, the U.S. Federal Reserve imposed unprecedented restrictions against Wells Fargo & Co. when it capped the bank’s growth for 2018 such that it could not exceed the total assets owned at the end of 2017. This restriction marks a substantial departure from previous penalties issued for improper compliance. Changes in policies and procedures and this novel punishment reflect a notable shift in the national bank’s expectations of corporate directors.