Elizabeth Warren Demands That a Second Wells Fargo CEO Be Fired
Oct 04, 2017, 00:16
"If that (report) is true, it directly contradicts your testimony to this committee", Democratic Senator Chris Van Hollen told Sloan, who responded that he would look into the case.Wells Fargo is fighting some customers in court for now, company spokeswoman Jennifer Dunn said, but the bank has made a $142 million settlement offer to settle all disputes arising from the scandal, which erupted previous year."As Tim emphasized today, Wells Fargo is committed to making things right with our customers", Dunn said.Senators also flagged problems involving the bank's auto insurance and mortgage fees that came to light months after Wells Fargo disclosed the phony accounts.
Mr. Sloan apologized for the bank's conduct while defending his role as CEO, pointing to the changes that he's made leading the company over the past year.
But it wasn't enough to satisfy some of the bank's most vociferous critics. Sen.
"Wells Fargo cheated millions of people for years", Warren said.
A different Wells Fargo chief executive met a similar kind of anger from Congress on Tuesday, with politicians from both major parties saying they feel the bank has done little to change its culture since a scandal over its sales practices. At best you were incompetent - at worst you were complicit.
In a later exchange between the senator and Mr. Sloan, the bank executive said he "couldn't disagree more with nearly everything Sen".
"I have made mistakes, I haven't been ideal", he said.
Republican senators questioned Mr. Sloan over more details around the scope of the sales practices problems, largely rehashing what happened. The bank says up to 3.5 million fake accounts were opened between 2009 and 2016, up from the 2 million it acknowledged in September 2016.
Senate Banking Committee members flagged problems involving auto insurance and mortgage fees that came to light months after the lender disclosed it had created millions of phony customer accounts.
Warren, who past year accused Stumpf of "gutless leadership", has repeatedly called on the Federal Reserve to remove 12 members of Wells Fargo's board of directors, including Vice Chair Elizabeth Duke.
In total, more than 1,780 of the 5,200 or so workers dismissed as the result of Wells Fargo's wayward cross-selling practices are back on the job, Sloan said. Sloan said he wasn't familiar with the case. Sherrod Brown (D, Ohio) said.
In particular, he strongly defended Wells Fargo's practice of sending its customers into what's known as forced arbitration, which is when customers have to use a third party to resolve their disputes instead of filing a class-action lawsuit with others.
The bank has already said its "rate-lock" service is under investigation by the Consumer Financial Protection Bureau.
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