A scathing report on Wells Fargo published Wednesday by the House Financial Services Committee majority staff tells the story of a recidivist megabank whose senior management and board of directors refuse to take compliance seriously and the unresponsive financial regulators who let it all slide. But it’s the aftermath that should put all chief risk officers and chief compliance officers in the financial services industry on notice.
Congresswoman Maxine Waters (D-Calif.), chairwoman of the House Committee on Financial Services, and Congressman Al Green (D-Texas), chairman of the Subcommittee on Oversight and Investigations, released the report entitled, “The Real Wells Fargo: Board & Management Failures, Consumer Abuses, and Ineffective Regulatory Oversight.” The publication of the report comes a week before Wells Fargo will be in front of the committee for the first and second of three hearings this month focused on holding the bank accountable for its transgressions.
