The Office of the Comptroller of the Currency took away supervisory powers from Bradley Linskens, senior bank examiner for Wells Fargo & Co., Reuters reported April 7, citing "people familiar with the matter."
According to Reuters, Linsken's removal was related to the bank's widespread sales malpractice that erupted in September 2016. Linskens, who joined the OCC in 1993 and began overseeing Wells Fargo in 2006, was responsible for the daily supervision of the company.
In September 2016, regulators including the OCC fined the company $185 million in settlements plus $5 million in customer remediation for secretly opening unauthorized deposit and credit card accounts.
Wells Fargo's board is set to release the findings of an independent investigation, which it conducted in connection with the scandal, on April 10, Reuters reported.