Wells Fargo Board Management Failures & Consumer Abuses
Wells Fargo Board Management Failures & Consumer Abuses Wells Fargo’s Customers Have Been Exposed to Countless Abuses, Including Racial Discrimination, Wrongful Foreclosure, Illegal Vehicle Repossession, and Fraudulently Opened Accounts. Executive Summary For at least the past fifteen years, one of America’s largest financial institutions, Wells Fargo (i.e., Wells Fargo Bank, N.A. and Wells Fargo & Company, collectively), has failed to correct serious deficiencies in its infrastructure for managing risks to consumers and complying with the law. As a result, Wells Fargo’s customers have been exposed to countless abuses, including racial discrimination, wrongful foreclosure, illegal vehicle repossession, and fraudulently opened accounts. Part IV, citing records obtained and witness interviews conducted during the course of this investigation, details Committee staff’s findings that: (A) financial regulators knew about serious, enterprise-wide deficiencies at Wells Fargo for years without taking public enforcement action; (B) Wells Fargo’s board of directors failed to ensure management could competently address the Company’s risk management deficiencies; (C) Wells Fargo and CFPB political appointees had backchannel communications regarding the CFPB’s Compliance Risk Management Consent Order; (D) Wells Fargo’s board of directors allowed management to repeatedly submit materially deficient plans to regulators in response to the consent orders; 5 (E) both Wells Fargo’s board and management prioritized financial and other considerations above fixing the issues identified by regulators; (F) Wells Fargo’s board did not hold senior management accountable for repeatedly failing to meet regulators’ expectations; (G) former Wells Fargo CEO Timothy J. Sloan gave inaccurate and misleading testimony to Congress during a March 2019 Committee hearing; and, ( H) the potential for widespread consumer abuse still remains at Wells Fargo Source: https://financialservices.house.gov/uploadedfiles/wells_fargo_staff_report_final_mm.pdf
Recommended
More Related Content
Similar to Wells Fargo Board Management Failures & Consumer Abuses
Similar to Wells Fargo Board Management Failures & Consumer Abuses (20)
More from Four Quadrant LLC
More from Four Quadrant LLC (20)
Recently uploaded
Recently uploaded (20)
Wells Fargo Board Management Failures & Consumer Abuses
- 1. THE REAL WELLS FARGO: BOARD & MANAGEMENT FAILURES, CONSUMER ABUSES, AND INEFFECTIVE REGULATORY OVERSIGHT REPORT PREPARED BY THE MAJORITY STAFF OF THE COMMITTEE ON FINANCIAL SERVICES, U.S. HOUSE OF REPRESENTATIVES Source: https://financialservices.house.gov/uploadedfiles/wells_fargo_staff_report_final_mm.pdf
- 2. Wells Fargo’s Customers Have Been Exposed to Countless Abuses, Including Racial Discrimination, Wrongful Foreclosure, Illegal Vehicle Repossession, and Fraudulently Opened Accounts. Source: https://financialservices.house.gov/uploadedfiles/wells_fargo_staff_report_final_mm.pdf Executive Summary For at least the past fifteen years, one of America’s largest financial institutions, Wells Fargo (i.e., Wells Fargo Bank, N.A. and Wells Fargo & Company, collectively), has failed to correct serious deficiencies in its infrastructure for managing risks to consumers and complying with the law. As a result, Wells Fargo’s customers have been exposed to countless abuses, including racial discrimination, wrongful foreclosure, illegal vehicle repossession, and fraudulently opened accounts.
- 3. Wells Fargo’s Crisis Management Response to the House of Reps Committee of Financial Services Report
- 4. Wells Fargo’s Customers Have Been Exposed to Countless Abuses, Including Racial Discrimination, Wrongful Foreclosure, Illegal Vehicle Repossession, and Fraudulently Opened Accounts. Source: https://financialservices.house.gov/uploadedfiles/wells_fargo_staff_report_final_mm.pdf Part IV, citing records obtained and witness interviews conducted during the course of this investigation, details Committee staff’s findings that: (A) financial regulators knew about serious, enterprise-wide deficiencies at Wells Fargo for years without taking public enforcement action; (B) Wells Fargo’s board of directors failed to ensure management could competently address the Company’s risk management deficiencies; (C) Wells Fargo and CFPB political appointees had backchannel communications regarding the CFPB’s Compliance Risk Management Consent Order;
- 5. Wells Fargo’s Customers Have Been Exposed to Countless Abuses, Including Racial Discrimination, Wrongful Foreclosure, Illegal Vehicle Repossession, and Fraudulently Opened Accounts. Source: https://financialservices.house.gov/uploadedfiles/wells_fargo_staff_report_final_mm.pdf Continued: (D) Wells Fargo’s board of directors allowed management to repeatedly submit materially deficient plans to regulators in response to the consent orders; 5 (E) both Wells Fargo’s board and management prioritized financial and other considerations above fixing the issues identified by regulators; (F) Wells Fargo’s board did not hold senior management accountable for repeatedly failing to meet regulators’ expectations; (G) former Wells Fargo CEO Timothy J. Sloan gave inaccurate and misleading testimony to Congress during a March 2019 Committee hearing; and, (H) the potential for widespread consumer abuse still remains at Wells Fargo