- In a surprise announcement late yesterday, the OCC unilaterally changed the terms of its September agreement with Wells Fargo (NYSE:WFC) in regards to the account opening scandal.
- The bank, says the agency, is now prohibited from offering "golden parachute" payments to exiting executives, and must now get a green light from D.C. before altering business plans, firing senior execs, or changing the makeup of its board.
- “I’ve never seen anything like this,” a former OCC official tells the WSJ. “It’s surprising to see the agency reverse themselves on a negotiated agreement without some new information coming to light.”
- The OCC move, of course, comes ahead of the new sheriff's arrival in Washington, and what is likely to be a move to rein in the reach of regulators.