Warren Calls for Wells Fargo CEO Tim Sloan to be Fired
Tuesday, March 26, 2019
Elizabeth Warren
The letter follows revelations about Wells Fargo’s failure to comply with the order and adequately compensate customers hurt by its auto loan scandal.
"Given Wells Fargo's history of unlawful activity and its current leadership's apparent inability to successfully make things right, I strongly urge the OCC and the CFPB to take additional action. Regulators should require Wells Fargo to fire the bank's President and CEO Timothy Sloan and to install a third-party monitor so that customers the bank cheated can receive the restitution they deserve,” wrote Warren in the letter.
Issues at Wells Fargo
In February 2018, the Federal Reserve (Fed) imposed a growth restriction on Wells Fargo as part of a consent order requiring the bank to maintain total consolidated assets below the level it reported at the end of 2017.
As a condition for the Fed lifting the growth cap, Wells Fargo must "ensure senior management's ongoing effectiveness in managing the (bank's) activities and related risks and promoting strong risk management across the (bank)."
This January, Wells Fargo said it would operate under the Fed-imposed cap through the end of 2019.
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