• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Warren says Fed must break up ‘repeat offender’ Wells Fargo

September 14, 2021 by David Barret Leave a Comment

September 14, 2021

By Pete Schroeder

WASHINGTON (Reuters) -U.S. Senator Elizabeth Warren on Tuesday called on the Federal Reserve to break apart Wells Fargo & Co, arguing the latest fine against the bank shows it to be an “irredeemable repeat offender.”

In a letter sent to the Fed, Warren urged the central bank to revoke Wells Fargo’s status as a financial holding company and order it to sell off its investment banking and nonbanking activities, citing the bank’s years-long struggle to address regulatory shortcomings.

“Wells Fargo is simply ungovernable,” she said in the letter, the latest in her lengthy campaign against the bank, which has been penalized repeatedly by regulators for a range of issues.

Warren, an unsuccessful candidate for the 2020 Democratic presidential nomination, serves on the Senate Banking Committee.

The bank has paid over $5 billion in fines and has been placed under an unprecedented asset cap by the Fed for selling potentially millions of fake accounts to customers, among other issues, in a series of longrunning scandals https://ift.tt/2uXEAxc that led to the ousters of two separate chief executives.

A spokesman for the Fed said the central bank had received the letter and planned to respond. In a statement, Wells Fargo said meeting regulatory expectations on risk management and control “remains Wells Fargo’s top priority” and said “significant progress” had been made.

Warren’s letter comes days after Wells was fined $250 million https://ift.tt/3AgqqDC by the Office of the Comptroller of the Currency, which chastised the bank for failing to adequately repay customers who had been charged improper or excessive fees.

In a separate letter to the bank’s board, Warren pressed for specifics on current CEO Charles Scharf’s compensation, including how much of it was based on the bank’s ability to address regulatory shortcomings. She also called for details on the bank’s timeline for addressing issues, noting that Scharf has been with the bank for nearly two years.

“You owe your customers, your investors, and your regulators an explanation for Wells Fargo’s ongoing inability to meet legal and regulatory requirements,” she wrote.

(Reporting by Pete Schroeder in WashingtonAdditional reporting by Noor Zainab Hussain in BengaluruEditing by Matthew Lewis)

Source Link Warren says Fed must break up ‘repeat offender’ Wells Fargo

David Barret
David Barret

Related posts:

  1. First trailer for Netflix’s Red Notice crams in massive star power and big action
  2. U.S. has no plans to release billions in Afghan assets, Treasury says
  3. Exclusive-Ericsson CEO to double down on China as 5G tussle rumbles on
  4. Cricket-Pope and Bairstow rebuild England innings after Yadav blows

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Life And Death Of David Vetter, The Boy Who Lived His Whole Life In A Bubble
  • Time’s Arrow Within Glass Appears To Go Both Ways, Raising Huge Questions
  • World’s “Oldest Baby” Born From Embryo Frozen In 1994 In New World Record
  • What Can Spain’s “Tunnel Of Bones” Tell Us About The Fate Of Human Species On The Brink Of Extinction?
  • Rhino Horns Go Radioactive As Anti-Poaching Project Gets Off The Ground
  • Manta Rays Officially Get Third New Species – 15 Years After First Suspected
  • “Space Hurricanes” Are Happening At Earth’s Poles – And They Can Affect GPS Signals
  • There Is A Crucial Reason Why We Will Never See The Big Bang Directly With Our Telescopes
  • How Does An MRI Machine Work?
  • Catch A Glimpse Of One Of The World’s Rarest Sharks In Dreamy New Footage
  • A One-Shot Vaccine For HIV Might Actually Be On The Cards
  • Chikungunya Virus Is Spreading In China: As CDC Considers Travel Advisory, Here’s What To Know
  • First-Of-Its-Kind Vagus Nerve Implant Gets FDA Approval As A Therapy For Rheumatoid Arthritis
  • First Time Crystal Made Of “Exotic” Giant Atoms 1,000 times Larger Than Hydrogen
  • Prehistoric Humans Began Eating Tubers 700,000 Years Before Our Teeth Evolved To Do So
  • The World’s Oldest Wild Bird “Surprised” Everyone With A Hatched Chick At 74
  • “Spectacular” New Species Of 40cm Giant Stick Insect May Be Australia’s New Heaviest Insect
  • What Is “Nobel Disease”, And Why Do So Many Prizewinners Go On To Develop It?
  • New Human “Mini-Brains” Combine Cells From The Whole Brain – Even The Blood Vessels
  • Aging NASA Spacecraft Could Intercept The Interstellar Comet On The Other Side Of The Sun, Astronomers Suggest
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version