Wells Fargo's Corset

By Stacey Vanek Smith

Published February 5, 2018 at 4:01 PM EST

A few years ago, Wells Fargo got in trouble for opening millions of accounts for its customers without their permission. Hundreds of thousands of people lost money and saw their credit scores drop.

On Friday, the Federal Reserve dropped a bomb. It said Wells Fargo would not be allowed to grow until further notice.

On today's show: Matt Levine of Bloomberg View explains why this is a big deal — and why other banks are likely to notice.

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Stacey Vanek Smith

Stacey Vanek Smith is the co-host of NPR's The Indicator from Planet Money. She's also a correspondent for Planet Money, where she covers business and economics. In this role, Smith has followed economic stories down the muddy back roads of Oklahoma to buy 100 barrels of oil; she's traveled to Pune, India, to track down the man who pitched the country's dramatic currency devaluation to the prime minister; and she's spoken with a North Korean woman who made a small fortune smuggling artificial sweetener in from China.

See stories by Stacey Vanek Smith