New York Gov. Andrew M. Cuomo put state-chartered banks and credit unions on official notice to ensure employee incentive arrangements do not spawn another Wells Fargo fraud fiasco.
Cuomo announced the New York State Department of Financial Services has issued new guidance directing all state regulated financial institutions to ensure any employee incentive arrangements do not encourage inappropriate corporate practices.
"The inappropriate behavior we have seen at institutions like Wells Fargo are the same ones that led to the 2007 financial crisis and there must be zero tolerance for reckless policies that foster greed and put New Yorkers' financial futures at risk," Gov. Cuomo said. "State-chartered banks are now on notice of their obligations, and it is their responsibility to ensure their employees are acting in the best interests of their customers."
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