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Three years ago today, I told @WellsFargo CEO John Stumpf that he should resign. (He did.)
@WellsFargo John Stumpf’s hearing on the @WellsFargo fake accounts scandal was a powerful moment for Wall Street accountability. But let’s just be clear: it was just the start of our work to stop this fundamentally broken bank from scamming its customers.
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 @WellsFargo’s growth until it cleaned up its act & pushed out 4 of the board members responsible. 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 – too much to fit in a tweet. 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…
Three years after that John Stumpf hearing, @WellsFargo is STILL scamming customers. I’m demanding answers from Wells Fargo & our federal regulators about why these deep structural problems remain at the bank. nytimes.com/2019/08/21/bus…
The fraud at @WellsFargo & other giant banks won’t stop until executives like John Stumpf know that they’ll be hauled out in handcuffs for cheating customers. I’ve got a bill for that to hold Wall Street executives personally accountable when their banks break the law.
