CEO of troubled Wells Fargo says bank is stronger

Wells Fargo CEO Timothy Sloan testified before the House Financial Services Committee on March 12

Alexandria Ocasio-Cortez accused Wells Fargo Tuesday of being "involved" in family separations at the border because of the bank's prior financing of groups that run private prisons.

Rep. Alexandria Ocasio-Cortez demanded to know why Wells Fargo was "involved in the caging of children" at a House hearing with the bank's CEO on Tuesday.

A rally at noon at Wells Fargo's headquarters in San Francisco next Monday will be the grande finale of a multi-day demonstration. "For a period of time, we were involved in financing one of the firms". A nervous Wall Street has been keen to see how the panel will treat the industry.

Ocasio-Cortez appeared to be referencing the fact that Wells Fargo has been in the business of financing private prison companies.

During the first hour of the hearing on Tuesday, Democrats and Republicans alike took a tough line on Sloan, quizzing him on the bank's remediation efforts, personnel changes, risk management controls, culture and whether it should be broken up.

"Should Wells Fargo be held responsible for the damages incurred by Climate Change due to the financing of fossil fuels and these projects?" At one point he claimed that "no institution in this country has done more for diverse communities than Wells Fargo" ― quite a claim for a bank that has been separately sued by the cities of Chicago, Baltimore, Miami and Philadelphia for targeting black and brown borrowers with predatory loans.

The committee's ranking Republican Patrick McHenry made it clear that his party would not go soft on the country's fourth-largest USA bank as they sought evidence it had remedied customer abuses.

"You will hear bipartisan criticism of the actions you have taken and the failures that you have overseen under your watch", he said.

The hearing comes as Wells Fargo, which has a large presence in Charlotte, remains under intense scrutiny from federal authorities and lawmakers in the wake of the 2016 scandal and newer instances of customer harm.

Musk unveils Tesla Model Y - the cut price electric SUV
But once you start stacking features into the vehicle, it starts bleeding into the range of Audi's E-Tron and Jaguar's I-Pace . As the name implies, this variant will focus on maximizing range and be able to cover 300 miles (482 km) on a single charge.

The CEO has faced calls to step down from investors and politicians, including U.S. Senator Elizabeth Warren, a 2020 Democratic presidential contender.

Wells Fargo's scandals have been wide-ranging and costly.

According to the Financial Times, committee members pressed back on Sloan, raising questions such as why regulators had yet to release the bank from its consent orders and why the bank has not followed peers and stopped extending credit to gunmakers.

The CEO seemed to struggle to persuade some skeptical lawmakers that the bank's culture had changed amid repeated interruptions and aggressive, sometimes hectoring questioning from representatives including Brad Sherman, a Democrat.

FBN's Deirdre Bolton on how lawmakers blasted Wells Fargo CEO Tim Sloan during his testimony on Capitol Hill.

Such abuses caused the Federal Reserve to impose an unprecedented cap on Wells Fargo's growth previous year, a restriction that remains in effect. "Since 2016 the bank has entered into settlements with every single one of its federal regulators", McHenry said.

Wells Fargo has paid billions in fines to settle allegations, including those that it made millions of phony accounts across all 50 states and the District of Columbia, and sold customers unnecessary auto insurance.

"We continue to be disappointed with Wells Fargo Bank N.A.'s performance. and its inability to execute effective corporate governance and a successful risk management program", said OCC spokesman Bryan Hubbard.

Related News:



Most liked

KL, JB among top cities in Asia for living quality
In South America, Montevideo (78) is ranked highest, while continued political turmoil kicked Caracas (202) down nine spots. Seoul jumped two places from 2017 after their political stability returned when their president was arrested past year .

Toyota's making a moon rover for Japan
The 13m² cabin will house two astronauts, and the solar-fuel-cell vehicle is created to have a range of 10,000km. The use of fuel cells will make it easier to store and transport energy sources in space.

Release bid fails for Vietnamese woman in Kim Jong Nam murder
Huong's lawyer Hisyam Teh Poh Teik was more blunt, telling the court the decision was " perverse ". Huong's trial was postponed until April 1 after Doan's lawyer said she needed medical treatment.

Netflix’s Disappearance of Madeleine McCann Doc Debuts Tomorrow
Her disappearance sparked a huge investigation involving Portuguese police and Scotland Yard, which is still pursuing leads. The new documentary, which airs tomorrow (15 March), promises to explore the disturbing background of the case.

Mozambique on high alert as cyclone looms
Will Cyclone Idai hit South Africa? More than a million people have already been directly affected by the disaster. The peak of the rainfall is expected between today and tomorrow according to the Met Department.

Iran looking for solutions to keep oil flowing
US President Donald Trump eventually aims to halt Iranian oil exports and thereby choke off Tehran's main source of revenue. The Trump administration has used the threat of insurance liabilities to pressure countries into blocking Iranian ships.

Ardern condemns 'unprovoked' attack that left Climate Change Minister with black eye
However, it was important for MPs to be able to go about their daily lives without security guards watching over them, they said. Gardener said he has been gathering support via word of mouth and the social media apps Snapchat and Instagram .

Teddy Bridgewater reportedly staying with Saints
Taylor is expected to sign with the Los Angeles Chargers to be Phillip Rivers' backup, according to the NFL Network. The Dolphins are in need of a quarterback this upcoming season and Bridgewater is a Miami native.

Christchurch mosque shooting: Deans Avenue on lockdown after gunfire
A police officer attempts to move people away from across the road from a mosque in central Christchurch, New Zealand , Friday. The hospital has alerted the public that it is in lockdown, with no staff or patients able to enter or leave the buildings.

Bernie Sanders, Senate OK end to U.S
Trump has held back on criticizing Saudi Arabia, calling them an important strategic ally and counterbalance to Iran in the region.

Jason McCourty Receives Significant Pay Raise With New Patriots Contract
According to ESPN's Adam Schefter , Tate is signing a four-year deal worth up to $37.5 million with $23 million guaranteed. He split time with the Lions and Eagles in 2018 and finished with 74 receptions for 795 yards and four touchdowns.

Witness says he saw 'dead people everywhere' after New Zealand mosque shooting
Reacting to the shooting incident, New Zealand Prime Minister Jacinda Ardern said that this is one of the country's darkest days. Another eyewitness said people are being evacuated from near a second mosque in Christchurch and police are swarming the area.

Microsoft Announces Xbox Live for Android and iOS
While some iOS games do have Xbox Live integration, they were released from Microsoft Studios itself. Kareem Choudhry , Microsoft's gaming cloud chief, issued the following statement.

Some KCI flights reassigned after Boeing planes grounded
The BEA isn't saying how long it will take to analyse the recorders - which are actually orange, despite their nickname. A Lion Air flight on a 737 Max 8 crashed in October in Indonesia, taking the lives of its 189 passengers and its crew.

Oil Prices Rally to 4-Month High
US West Texas Intermediate (WTI) crude futures were at $57.17 per barrel, up 30 cents, or 0.5 percent, from their last settlement. EIA's data also showed that on the exports side, USA crude oil exports increased while domestic production rose as well.