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Congress wants action on Wells Fargo regulatory plan

Joe Mont | January 24, 2018

U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Banking Committee, is among those urging bank regulators to act upon lessons learned from last year’s self-inflicted woes at Wells Fargo. He claims that “lapses in government oversight failed to prevent Wells Fargo’s widespread fraudulent account scandal while ignoring numerous red flags.”

The Office of the Comptroller of the Currency last April, issued a series of recommendations to strengthen consumer protections and oversight of the nation’s largest banks.  Nine months later, the OCC has failed to implement any of these corrective measures.

Menendez letter to Comptroller Joseph Otting was cosigned by Sens. Sherrod Brown (D-Ohio), Jack Reed (D-R.I.), Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Catherine Cortez Masto (D-Nev.) and Brian Schatz (D-Hawaii).

 “The bank’s wide-ranging misconduct, which harmed millions of customers around the country, underscores the importance of timely,... To get the full story, subscribe now.