As Wells Fargo CEO Draws Bipartisan Rebuke, OCC Takes Swipe Too
Wells Fargo Gets OCC Rebuke During CEO’s Congressional Hearing
(Bloomberg) -- Wells Fargo & Co. Chief Executive Officer Tim Sloan testified before Congress on Tuesday, promising lawmakers that the scandal-ridden bank is doing everything it can to satisfy its regulators. One regulator disagrees.
“We continue to be disappointed with Wells Fargo Bank N.A.’s performance under our consent orders and its inability to execute effective corporate governance and a successful risk-management program,” Bryan Hubbard, a spokesman for the Office of the Comptroller of the Currency, said in an emailed statement. “We expect national banks to treat their customers fairly, operate in a safe and sound manner, and follow the rules of law.”
Wells Fargo has been slapped with consent orders and fines by the OCC and other regulators over the past two and a half years relating to its sales practices. In October, two Wells Fargo executives were removed from the firm’s operating committee after receiving OCC letters.
To contact the reporters on this story: Hannah Levitt in New York at hlevitt@bloomberg.net;Jesse Hamilton in Washington at jhamilton33@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Dan Reichl
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