Wells Fargo may be stuck in the Fed's penalty box until 2019

Buffett acknowledges Wells Fargo's 'cardinal sin'

Buffett acknowledges Wells Fargo’s ‘cardinal sin’

Wells Fargo probably won’t get out of the Federal Reserve’s penalty box any time soon.

The Fed slammed Wells Fargo in February with unprecedented sanctions that prevent the bank from growing because of its “widespread consumer abuses.” Those restrictions were to be lifted as soon as the end of September — if Wells Fargo could prove to the Fed that it had cleaned up its act.