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Fed?s Tarullo Met With Wells Fargo CEO After Bank Settlement

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01/06/2017 | 06:06pm EDT

Federal Reserve governor Daniel Tarullo met in September with Wells Fargo & Co. Chief Executive John Stumpf shortly after the bank settled with regulators over its use of unauthorized accounts, according to calendars released by the Fed on Friday.

Mr. Tarullo?s meeting with Mr. Stumpf came just days after federal and local regulators announced they were fining Wells Fargo $185 million over two million unauthorized accounts.

Mr. Stumpf announced his retirement on Oct. 12. Tim Sloan, Mr. Stumpf?s successor as CEO, met with Mr. Tarullo later in the month, on Oct. 26.

Mr. Tarullo met twice with J.P. Morgan Chase Chief Executive James Dimon in September and October, the calendars show. The first meeting between Messrs. Tarullo and Dimon, on Sept. 13 of last year, was the first in a series of meetings with large bank chief executives. He spoke with James Gorman, the CEO of Morgan Stanley, and Mr. Stumpf the following day. Messrs. Tarullo and Dimon met again on Oct. 5.

Mr. Dimon met with Mr. Tarullo, who is a member of the Federal Open Market Committee, a day after publicly calling on the Fed to raise interest rates ?sooner rather than later.?

Mr. Dimon also got rare face time with Federal Reserve Chairwoman Janet Yellen in October, according to her calendar. It was the second time Ms. Yellen had met with Mr. Dimon this year-the last time was in April.

The Fed said the pair met for an hour in October, but didn?t disclose what was on the agenda. Mr. Dimon is also the only banker Ms. Yellen has met one-on-one since October 2015, when she sat down with BlackRock executives Larry Fink and Philipp Hildebrand.

Write to Gabriel T. Rubin at gabriel.rubin@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY -3.50% 214.21 Delayed Quote.23.64%
MORGAN STANLEY -3.43% 48.36 Delayed Quote.-5.40%
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