Regulation a factor in Wells Fargo firings

The article about Wells Fargo unfairly firing blacks [“Lawsuit: Wells Fargo unfairly fired blacks,” April 20] is a misrepresentation. The unfortunate situation is a result of the new regulations imposed on financial institutions since the financial crisis of 2008. At that time, the regulation pendulum had swung too far away from any regulation and has now swung too far to the other extreme with too much regulation.

The situation Wells Fargo faces, as well as other financial institutions, is the FDIC rule that if they hire an employee that has been convicted of a “crime of dishonesty” they can be fined $1 million a day. With that kind of fine facing the banks, they will err on the side of conservatism and not hire anyone with a problem on their record.

What needs to happen is Congress needs to move regulations back to the middle.

— Roger Jacobsen, Booneville