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Well-Well-Wells Fargo
The week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, convened hearings to hear testimony from Charles Scharf, Chief Executive Officer and President of Wells Fargo & Company; Elizabeth Duke, Former Board of Directors Chair, Wells Fargo & Company; and James Quigley, Former Board of Directors Chairman, Wells Fargo Bank.
These hearings were convened on the heels of a Majority staff report entitled, “The Real Wells Fargo: Board & Management Failures, Consumer Abuses, and Ineffective Regulatory Oversight.”
See what the Chairwoman had to say about Wells Fargo’s management failures here and here.
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Tweet of the Week
Weekend Reads
Chairwoman’s Corner
Waters Postpones March Hearings Due to Pandemic Coronavirus: Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced the postponement of all remaining public hearings for March due to the urgent public health crisis resulting from the pandemic coronavirus:
- POSTPONED – Full Committee hearing entitled, “An Examination of Secretary Carson’s Efforts to Undermine Affordable Housing in America.”
- POSTPONED – Subcommittee on National Security, International Development, and Monetary Policy hearing entitled, “A Review of Domestic and International Approaches to Digital Currencies.”
- POSTPONED – Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets hearing entitled, “The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Derivatives, and Other Financial Products.”
- POSTPONED – Subcommittee on Oversight and Investigations hearing entitled, “Holding Wells Fargo Accountable: Examining the Impact of the Bank’s Toxic Culture on Its Employees.”
Click here to learn more.
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COVID-19: Protecting Americans & the Economy
On Wednesday, Chairwoman Waters was joined by Subcommittee and Task Force Chairs in leading six letters to Administration officials, prudential regulators, financial services organizations and credit reporting agencies expressing concerns about risks related to coronavirus disease 2019 (COVID-19) and the steps they are taking to prevent Americans and the financial system from being harmed.
“Today, I and Members of the Committee have sent letters to the Department of the Treasury, the Department of Housing and Urban Development, the Department of Justice, the Federal Bureau of Investigation, the Securities and Exchange Commission (SEC), the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), a number of financial industry trade associations, and the major consumer credit reporting bureaus, all to ensure that Americans are protected from the potential negative financial impacts of the coronavirus pandemic. The Committee will be holding bipartisan staff briefings from the Administration, regulators, market participants, economists, and stakeholders, and we will convene a full Committee hearing this month on the readiness of our financial system to weather a pandemic.”
Click here for full statements and additional details on this bipartisan initiative.
As Seen on FSC-TV
In case you missed this week’s Committee activities, see below for a snippet of the infographics displayed on the hearing room big screens.
March 10: Full Committee Hearing to Hear Testimony from Wells Fargo’s New CEO.
March 11: Full Committee Hearing to Examine the Role of Wells Fargo’s Board of Directors
Member Spotlight
Congressman David Scott (D-GA)
“What a sorry excuse for a board, to say nothing about this,” said Rep. David Scott (D-Ga.), one of the committee’s moderate veterans, after asking both to explain the bank’s extensive sales scandals.
“I hope and I pray that the people of this country see your stone silence when you won’t even answer this question, when you won’t even respond to the regulators,” Scott continued.
“This is an unpardonable sin that Wells Fargo has unbanked on the American people."-The Hill on Congressman Scott’s Q&A during a full Committee hearing entitled, “Holding Wells Fargo Accountable: Examining the Role of the Board of Directors in the Bank’s Egregious Pattern of Consumer Abuses.”
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