The action taken against Wells Fargo for opening unauthorized accounts is a “political gift” to regulators, analyst Edward Mills said Friday.
That’s because it will likely accelerate bank compensation rules and additional enforcement actions those regulators want to make.
“This is a different political reality in D.C., where best interest of the consumer has to be to be the driving force, and you have to really look at incentives. Gone are the days of the trips to Hawaii.
