Thread by @SenWarren

Yesterday the @USOCC announced that it’s slapping a $17.5 million fine on former @WellsFargo CEO John Stumpf for his bank’s fake accounts scandal. Once again, the financial industry & its top execs write a check & sleep in their own beds at night. nytimes.com/2020/01/23/bus…

During my very first banking committee hearing in 2013, I asked our bank regulators when they last took a bank to trial for breaking the law. They couldn’t answer it. That’s because Too Big to Fail also means Too Big for Trial – & that’s just wrong. msnbc.com/the-last-word/…

I’ve done everything in my power as a US Senator to hold @WellsFargo’s executives accountable for opening millions of fake accounts in their customers’ names. In 2016, I told CEO John Stumpf that he should resign. (He did.)

When @WellsFargo replaced John Stumpf with Tim Sloan, another senior Wells Fargo executive during the fake accounts scandal, I told him to his face that he should be fired. cnbc.com/2017/10/03/her…

I also urged Janet Yellen to use her powers as Fed Chair to hold @WellsFargo accountable. In her final act as Fed Chair, she froze Wells Fargo’s growth until it cleaned up its act & pushed out 4 board members. newrepublic.com/article/146952…

Then I urged the new Fed Chair Jerome Powell to hold a public vote of the Federal Reserve Board before lifting @WellsFargo’s growth cap, & he agreed. latimes.com/business/la-fi…

Tim Sloan said the bank changed, but we weren’t fooled. @WellsFargo kept right on scamming its customers on mortgages, car loans, money laundering – the list goes on & on. So @SenSherrodBrown & I told the @CFPB & @USOCC to use their power to fire him. americanbanker.com/articles/sens-…

Six days after we called on the @USOCC & @CFPB to fire Tim Sloan, he stepped down as @WellsFargo’s CEO. I told Comptroller Otting to use his agency’s regulatory power to review Sloan’s successor, & he agreed. morningconsult.com/2019/05/15/occ…

And in August, after reports that Wells Fargo charged fees on accounts customers thought were closed, I wrote to @CFPB, @USOCC, & @SEC_News asking why they permitted Wells Fargo to squeeze customers three years after the fake accounts scam. nytimes.com/2019/09/04/bus…

The fraud at @WellsFargo & other giant banks won’t stop until execs like John Stumpf know they’ll be hauled out in handcuffs for cheating customers. That’s why I’ve got a bill to hold Wall St execs personally accountable when their banks break the law.