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From Banking and Finance Law Daily, December 15, 2017

Fed’s Quarles recuses himself from matters relating to Wells Fargo

By Lisa M. Goolik, J.D.

Federal Reserve Board Vice Chairman Randal K. Quarles announced on Dec. 15, 2017, that he will not vote on, or participate by decision or recommendation in, matters specifically involving Wells Fargo & Company. While his recusal is voluntary, the Fed said it is being taken "to avoid even the potential appearance of a conflict of interest."

Although Quarles divested his stock holdings related to Wells Fargo and repaid a business line of credit prior to his confirmation, Quarles chose to recuse himself "in light of his extended family's prior sale of their interest in a bank to Wells Fargo."

Quarles will continue to oversee the Fed’s supervision and regulation responsibilities as Vice Chairman for Supervision, including the development of supervisory policies and rules applicable to banking organizations generally.

Companies: Wells Fargo & Company

MainStory: TopStory FederalReserveSystem

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