Elizabeth “Betsy” Duke and James Quigley remained unwavering about accepting any sort of accountability in their oversight roles as former board members of Wells Fargo and, instead, blamed the former management of the scandal-plagued megabank for a host of compliance and risk management failures during their testimony at a tense Congressional hearing Wednesday.
Both Duke and Quigley resigned this week after being cited by name in a scathing report published by the House Financial Services Committee majority staff that, in part, took shots at Wells Fargo’s board of directors for “appear[ing] reluctant” to engage in oversight of the bank’s efforts to comply with its 2016 sales practices consent orders. Duke and Quigley, specifically, were criticized in the report for their failed oversight of Wells Fargo’s compliance with five regulatory orders issued in response to the company’s widespread consumer abuses in the aftermath of the financial institution’s fake account scandal.
