A high-level federal examiner at the Office of the Comptroller of the Currency reportedly leaked information to Wells Fargo about the existence of an investigation – something that is strictly forbidden.
Debt defense attorneys in Miami know that this kind of disclosure means the bank could have taken measures to protect itself from criminal or civil liability.
American Banker reports the tip-off was uncovered by a watchdog agency with the U.S. Treasury Department, which found the examiner in charge of the Wells Fargo investigation for the OCC reportedly let the bank in on the probe by the Treasury Department. The exact nature of that investigation and the details of what Wells Fargo executives learned about it have not yet been released. In general, employees for the OCC are not supposed to discuss any pending investigative details unless they specifically have the express approval to do so.
This lead wasn’t previously reported, but was discovered in a recent report released by the inspector general’s office for the Treasury Department. It should be noted the OCC’s budget is dependent on fines and assessments against the banks it oversees – which includes Wells Fargo, a company with more than $2 trillion in assets. Continue reading