Congressional report says Wells Fargo not complying with regulatory settlements

Reuters | March 05, 2020

Congressional report says Wells Fargo not complying with regulatory settlements
Wells Fargo is not complying with the terms of multiple settlements related to its sales scandal, according to a Congressional report released on Wednesday that also faulted regulators for failing to aggressively enforce the agreements. The U.S. House of Representatives Financial Services Committee released the findings of its year-long probe into the bank ahead of hearings next week that will see its new chief executive, Charles Scharf, and its chair, Betsy Duke, testify before the committee for the first time. Drawing on internal emails and meeting notes, the report paints a picture of a complacent Wells Fargo board and management who did not take seriously settlements the bank agreed with federal regulators between 2016 and 2018 to resolve charges it had abused customers.

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