All of a sudden, U.S. authorities are taking a tougher stance on scandal-ridden Wells Fargo.
A key Wells Fargo (
The Office of the Comptroller of the Currency, which regulates the nation's banks, did not explain in its 5:30 p.m. ET
The move represents a reversal by the OCC, which previously granted Wells Fargo a waiver from these restrictions. That free pass was given as part of the September 8 settlement over the bank's
The timing of the OCC decision is quite unusual and raising eyebrows. Veteran bank analyst Mike Mayo of CSLA called the situation a "headscratcher."
"It looks like the regulators are tightening the straitjacket around Wells Fargo," Mayo told CNNMoney.
In a statement, Wells Fargo said it will "comply" with the new restrictions.
"This will not inhibit our ability to execute our strategy, rebuild...