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Federal Reserve urged to fire Wells Fargo's board of directors

Joe Mont | June 21, 2017

On the heels of its raucous, finger-pointing annual meeting, Sen. Elizabeth Warren (D-Mass.) is demanding that the Federal Reserve fire board members of the embattled Wells Fargo bank.

In June 19 letter to Fed Chair Janet Yellen, she called upon the Federal Reserve to deploy its ability to fire the directors for a lack of oversight and risk management as employees at the national bank opened millions of fraudulent customer accounts in their pursuit of sales targets.

“Federal Reserve regulations and guidance impose clear risk-management obligations on the Board, obligations that are quite demanding for a bank as large and complex as Wells Fargo,” Warren wrote.

In her letter, Warren repeatedly referenced an internal report commissioned by the bank.

Released on April 10, the...

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