A year ago, then-Wells CEO John Stumpf testified before two committees. It went so poorly Stumpf later resigned and his bank is still struggling to repair the damage. Here's how Equifax CEO Richard Smith can avoid the same fate.
Democrats have strived to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering in their campaign to overturn it.
The hearings before the Senate Banking Committee have high stakes for both companies, as lawmakers are expected to ask the CEOs whether they should be fired.
Federal Reserve Chair Janet Yellen said Wells Fargo’s treatment of customers was “egregious and unacceptable," hinting that more regulatory action was likely.
An internal CFPB memo says it was considering a $10 billion fine before settling on $100 million; state suit against credit bureau is likely to be the first of many.
Professor of City PlanningUniversity of Pennsylvania
Without the Consumer Financial Protection Bureau's expanding consumers' legal options, they will continue to be vulnerable to the abusive practices that have proliferated throughout the financial industry in recent years.
Tim Sloan told investors Tuesday that Wells Fargo could uncover more examples of financial harm to its customers as part of its ongoing review of its sales practices.
Serving on multiple boards while holding full-time executive positions weakens a director’s ability to fulfill the governance demands at complex institutions.
One year after it paid $190 million in fines and restitution for opening millions of unauthorized accounts, Wells Fargo remains mired in scandal. Why hasn't it been able to recover?
