Fed being audited for its monitoring of banks' compliance with enforcement orders

15 January 2019 9:11pm
The US Federal Reserve’s enforcement practices are being audited to determine how well the central bank tracks firms’ compliance with sanctions, the Fed’s inspector general said.

The audit, due to be completed by the end of September, comes as the Fed oversees Wells Fargo’s attempts to tighten controls to secure a lifting of an unprecedented growth cap imposed for a phony accounts scandal.

Wells Fargo Chief Executive Officer Timothy Sloan said today he expects the Fed’s asset cap to remain in effect through the end of the year.