Sloan says Wells Fargo has cleaned up its act. Congress begs to differ

Sloan says Wells Fargo has cleaned up its act. Congress begs to differ

Gun Rights

More in WASHINGTON — More than two years after Wells Fargo’s consumer scandals first started coming to light, the congressional backlash facing the bank remains just as fierce, uniting both Democrats and Republicans. That much was clear Tuesday from CEO Tim Sloan’s second appearance before Congress to answer for the bank’s notorious fake-accounts scandal, other wrongdoing that emerged after Sloan first hearing in 2017 and what steps the bank has taken to address its problems. Less clear is what effect Wells’ negative spotlight has on legislative policy. Regulators have instituted fines and imposed growth caps on the bank, among other things, and communicated their opinion that the bank has not sufficiently righted the ship. “Wells Fargo’s ongoing lawlessness and failure to right the ship suggest the bank, with approximately $1.9 trillion in assets and serving one in three U.S. households, is simply too big to manage,” said House Financial Services Committee Chairwoman Maxine Waters, D-Calif. Bloomberg News But during the more than four hours of testimony, Democrats and Republicans on the House Financial Services Committee clashed over whether Wells’ problems had anything to do with its size, as well as whether the bank’s scandals should lead to new requirements for multiple institutions. The committee even debated issues beyond the bank’s consumer-related scandals and financial regulatory policy, such as Wells’ financing of firearms companies. Here are three key things we learned from the hearing: Wells Fargo has not redeemed itself in Congress, and the scrutiny is still bipartisan Under Sloan, […]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.