The House Financial Services Committee said its investigation into Wells Fargo shows that board members fell down on the job of oversight and the bank's management didn’t take regulators’ demands seriously enough in the wake of consumer abuse scandals
The House Financial Services Committee on Wednesday said its yearlong investigation into Wells Fargo shows that board members fell down on the job of oversight and the bank's management didn’t take regulators’ demands seriously enough in the wake of multiple consumer abuse scandals.
The bank, the fourth-largest in the country, has also been a target of bipartisan anger over actions ranging from charging hundreds of thousands of people for auto insurance they didn’t need to overcharging members of the military to refinance mortgages. It has also paid hefty penalties for those activities.
In the release, the committee recommended congressional action, including compelling regulators to “act against recidivist banks,” strengthening regulatory authorities and enhancing the accountability of senior leadership, as well as requiring more transparency in bank supervision. Committee staff pointed to notes from a Nov. 28, 2017, meeting between Duke, then-CEO Tim Sloan and general counsel Allen Parker, which indicate, “Duke questioned the CFPB’s practice of including her on letters requesting the Bank take certain actions: ‘Why are you sending it to me, the board, rather than the department manager?’”
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