Wells Fargo CEO Grilled By House Lawmakers Over Bank’s Past Scandals - FbiCables Network | The News that Shapes World Opinion

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Thursday, March 14, 2019

Wells Fargo CEO Grilled By House Lawmakers Over Bank’s Past Scandals

Congressional lawmakers on the House Financial Services Committee ripped into the top executive of Wells Fargo Tuesday over scandals stretching back years.
“This is an important hearing and you will hear bipartisan criticism of the actions you’ve taken and the failures that you have overseen under your watch,” stated Rep. Patrick McHenry, ranking member of the House Financial Services Committee.
At the hearing, CEO Tim Sloan reiterated the nation’s fourth largest bank has taken steps to correct past issues. Those issues include the opening of millions of fake bank accounts and credit cards for its consumers in 2016, which was done in order to meet unrealistic sales goals. It also includes its mortgage scandal in which it mistakenly foreclosed hundreds of homes after improperly handling mortgage applications.
“The past few years have reinforced to us that our company does well by doing right, and doing right does not stop with simply repairing harm and rebuilding trust,” said Sloan. “We have more work to do and that is an ongoing commitment by all of Wells Fargo’s 260000 team members starting with me.”
Wells Fargo CEO Timothy Sloan is questioned by the House Financial Services Committee about revelations the bank had created millions of fake bank accounts to reach their financial goals, on Capitol Hill in Washington, Tuesday, March 12, 2019. (AP Photo/J. Scott Applewhite)
However, lawmakers, including committee chairwoman Maxine Waters, questioned whether the bank should be reined in over its past indiscretions.
“With all of this experience and the length of time that you have been there, the roles you have played, you have not been able to keep Wells Fargo out of trouble,” she stated. “You keep getting fined — why should Wells Fargo continue to be the size that it is, and should it be downsized or what else could be done?”
By any means, Wells Fargo hasn’t escaped totally scot-free. As Rep. Waters noted, the company has faced billions in fines over its past scandals. However, consumer advocates are saying that’s not enough. They cited the financial damages millions of Americans have had to deal with as a result of the bank’s behavior. Even worse, advocates have said despite dealing with billions of dollars in wealth, the bank and its leadership lack common sense.

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