House Report Says Wells Fargo Continues to ‘Abuse’ Customers

Wells Fargo is not complying with the numerous money settlements it agreed to over the very last several a long time in the fake accounts scandal, the United States Dwelling Committee on Monetary Expert services reported in a report on Wednesday.

The report, launched a week ahead of Wells Fargo CEO Charles Scharf’s testimony to Congress, concluded that the Wells Fargo board unsuccessful to oversee the management in addressing the danger management considerations raised by the regulators.

The board didn’t be certain that there ended up professionals with “sufficient compliance experience” to tackle the subject, the report reported, and in its place outsourced the compliance to outside the house consultants.

The report more alleged that the board authorized management to “repeatedly” submit insufficient ideas in response to the 2018 regulatory consent orders and that previous Wells Fargo chief government officer Timothy Sloan gave bogus statements to Congress in his March

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