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.
WASHINGTON (AP) — The CEO of beleaguered Wells Fargo is telling Congress the bank has cleaned up its act after a series of scandals that affected millions of customers.
But Democrats – and some Republicans – on the House Financial Services Committee aren’t buying it.
Wells Fargo CEO and President Tim Sloan told the committee the bank is compensating customers who had been harmed, strengthening risk management and internal controls, and improving the culture at the consumer banking giant.
Wells has paid billions of dollars in fines to regulators for consumer abuses in virtually every part of its business and last year had its growth capped by the Federal Reserve. House Financial Services Committee Chair Maxine Waters, D-Calif., leads a hearing to review the Consumer Financial Protection Bureau’s mission to focus priority on consumers with the CFPB Dir. Kathy Kraninger, on Capitol Hill in Washington, Thursday, March 7, 2019. (AP Photo/J. Scott Applewhite)
Committee Chair Maxine Waters cited the bank’s “ongoing lawlessness” and said its $1.9 trillion in assets was “too big to manage.”
