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Bill would break up Wells Fargo and other megabanks for misdeeds

Joe Mont | October 4, 2017

There was an awkward moment this week, Sen. Elizabeth Warren (D-Mass.) told Wells Fargo CEO Timothy Sloan, to his face, that he should be fired. Things became even worse for the bank executive later that day when a top Democrat set the stage for shuttering the bank.

Sloan was appearing before the Senate Banking Committee on Oct. 3 for a hearing entitled, “Wells Fargo: One Year Later.” In recent months, Wells Fargo has been under attack for opening 3.5 million unauthorized customer accounts and credit cards. In a separate scandal, as many as 800,000 customers were charged for car insurance that they did not need; some had their vehicles wrongfully repossessed as a result. 

Later in the day, Rep. Maxine Waters (D-Calif.) announced the Megabank Accountability and Consequences Act.

The legislation would demand that federal banking regulators (including the Federal Reserve, Federal Deposit Insurance Corporation, and... To get the full story, subscribe now.