U.S. regulator reverses course, tightens controls on Wells Fargo after scandal

By Patrick Rucker WASHINGTON (Reuters) - A leading U.S. bank regulator on Friday reversed course and revoked Wells Fargo & Co's right to shield the pay of former executives after a phony-accounts scandal. The lender also must now seek prior approval before naming new bank leadership, said the Office of the Comptroller of the Currency, the main regulator for federal banks. The OCC exempted Wells Fargo from some controls on "golden parachutes" in that settlement.