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- The Fed Finally Let Wells Fargo Grow
The Fed Finally Let Wells Fargo Grow
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I share the 4-5 most important accounting that actually matter. I scroll so you don’t have to.
So grab your coffee, take a quick break, and lets catch up.
In this issue:
Wells Fargo’s punishment just ended
The IRS is changing how crypto tax forms get sent
Why oil just spiked after the U.S. struck Iran
- Ledger Lowdown Team
WTF of the Day🤯
Wells Fargo’s Punishment Just Ended
Employees created millions of bank accounts customers never asked for just to hit sales targets. Regulators were furious.
So in 2018 the Federal Reserve did something extreme. They capped the bank’s size. Wells Fargo literally wasn’t allowed to grow until it fixed its problems. That cap lasted seven years.
Now it’s finally over. The Fed says Wells Fargo has cleaned up its operations after nearly a decade of changes. The last enforcement action tied to the scandal is officially gone.
Regulators almost never punish banks this hard. This was the first time the Fed blocked a bank from growing. Now that it’s over, Wells Fargo can fully compete again. The scandal that haunted the bank for years is finally in the rearview mirror.
What’s poppin in accounting🍿
IRS proposes rules for electronic 1099-A statements
The IRS wants to make crypto tax forms digital. Right now, crypto brokers usually have to mail paper copies of the new Form 1099-DA unless a customer agrees to get it electronically.
The IRS is proposing a simpler rule. Brokers could just send the form electronically by default. No paper copy needed. This would likely start in 2027.
Why they’re doing this is simple. Crypto traders make a lot of transactions. Some people make hundreds or thousands of trades a year. Printing and mailing all those forms is expensive and slow.
Right now these forms often show how much crypto was sold, but not the original purchase price. That means the IRS might see a big sale but not know the real gain. So expect confused clients and a lot of “why did I get this form?” questions.
Weekly Trend Chart 📊
Iran ls One Of The World's Leading Oil Producers
The U.S. launched military strikes against Iran this weekend. Markets reacted fast. Stocks dropped. Oil jumped about 7%. Gold went up. Investors ran to “safe” stuff like the dollar.
The big reason is oil. Iran is one of the world’s bigger oil producers. And it sits next to the Strait of Hormuz, a tiny waterway where about 20% of the world’s oil moves through. Right now ships are basically stopping because insurers don’t want the risk.
If this drags on, oil could keep climbing. That matters because expensive oil pushes gas, shipping, flights, and goods higher. Which means inflation could come back right when everyone thought it was cooling.
Meme of the Day😂
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