Sens. Warren, Brown call on regulators to oust Wells Fargo CEO Sloan

Sen. Elizabeth Warren is again taking aim at Wells Fargo Chief Executive Tim Sloan, this time asking federal regulators to invoke their power to make management changes.

Sen. Elizabeth Warren
Senator Elizabeth Warren, a Democrat from Massachusetts, questions Jerome Powell, chairman of the U.S. Federal Reserve nominee for U.S. President Donald Trump, not pictured, during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Nov. 28, 2017. Powell signaled broad support for how the Fed operates, regulates and guides the economy, offering a full-throated defense of the government institution he's about to lead. Photographer: Andrew Harrer/Bloomberg

The Democratic senator from Massachusetts and presidential candidate joined Ohio Democrat Sherrod Brown to send letters to the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau on Friday urging them to remove Sloan.

Warren has repeatedly called for Sloan’s ouster since Sloan rose to the top job in 2016 as the bank found itself embroiled in a series of customer-abuse scandals. The OCC has the power to make executive changes as part of an April 2018 consent order.

“Given Wells Fargo’s history of unlawful activity and its current leadership’s apparent inability to successfully make things right, I strongly urge the OCC and the CFPB to take additional action,” Warren and Brown said in their letter. “Regulators should require Wells Fargo to fire the bank’s president and CEO Timothy Sloan and to install a third-party monitor.”

The San Francisco-based bank has repeatedly said Sloan has the unanimous support of its board, most recently earlier this week.

Bloomberg News
Crime and misconduct Elizabeth Warren Sherrod Brown Tim Sloan Wells Fargo OCC CFPB
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