House panel rips Wells Fargo as ‘reckless’ and a danger to customers
Lawmakers accused Wells Fargo & Co. of failing to comply with regulatory orders in a scathing report Wednesday, and said the bank poses a major risk to consumers.
Wells Fargo WFC, +2.15% is “a reckless megabank with an ineffective board and management that has exhibited an egregious pattern of consumer abuses,” Rep. Maxine Waters, D-Calif., said in a statement accompanying the report. “Wells Fargo has clearly demonstrated an unwillingness and inability to stop harming its customers.
The report found Wells Fargo “continues to struggle to implement effective risk management and remediation programs” and said management has been unable to change its corporate culture. “Management repeatedly have failed to demonstrate that the bank can establish a compliance management infrastructure capable of preventing consumer abuses.”
The report said internal documents revealed that “too often the bank focused on profits and exiting the regulators’ consent orders rather than on fixing the bank’s long-standing compliance management weaknesses.”
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