Compliance

To improve bank oversight, policymakers should eliminate overly complex rules in favor of principles-based regulation.

Speaking at an industry conference Thursday, Wells Fargo CEO Tim Sloan left open the possibility that employees intentionally falsified important regulatory documents.

The $1.9 trillion-asset bank is under pressure to provide investors more information about when it expects to resolve the numerous headaches that have arisen in the wake of its phony-accounts scandal.

The bank sought to evade the consequences of compliance failures including weak scrutiny of transactions that could be tied to North Korea, the N.Y. banking superintendent said in demanding access to communications between the bank and its new supervisor, the OCC.

The Justice Department announced this month that it would seek to reduce duplicative penalties against banks, although more reforms are needed to rein in other agencies.