Economy

Lawmakers to grill Equifax, Wells CEOs in busy week of hearings

Lawmakers to grill Equifax, Wells CEOs in busy week of hearings”

It's the latest fallout for Wells, which continues to be dogged over last September's revelations that employees for years opened unauthorized customer accounts to meet high-pressure sales goals.

The Senate Banking Committee announced Thursday that it would hold a hearing October 3 on Wells Fargo's phony-accounts scandal, which was first revealed by regulators a year ago.

The third-largest US bank has since tried to improve sales practices and restore trust with customers.

"We welcome the opportunity to further update the Committee about the progress Wells Fargo has made over the past year", Wells spokesman Mark Folk said.

"I'm not able to discuss confidential supervisory information, and not yet able to tell you what actions we may take", she said, promising only "to make sure that the right set of controls are in place" at Wells Fargo.

The Federal Reserve, Justice Department and several state agencies are investigating Wells Fargo, and the Consumer Financial Protection Bureau fined the bank more than $180 million in 2016, its biggest penalty yet issued.

The bank paid a $185 million settlement last year with multiple authorities, then added another $142 million earlier this year to settle a class-action suit.

On Aug. 1, the 11 Democrats on the Senate Banking Committee wrote to its Republican Chairman, Mike Crapo, asking that both Sloan and the board of directors be called to testify before the Committee this month. He resigned less than a month later.



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