Democratic lawmakers on the House Financial Services Committee released a report Friday detailing what they say shows a “pattern of abusive business practices” and “disregard for consumers” by Wells Fargo.
The 38-page staff report “also makes the case for why prudential regulators’ enforcement of our current laws is insufficient to address widespread anti-consumer behavior by megabanks,” said Rep. Maxine Waters, D-Calif., the top Democrat on the committee, in releasing the report.
Since the news that Wells Fargo had created millions of fake accounts broke last September, “it has become clear that that scandal was just the tip of the iceberg,” Waters said.
Tim Sloane, Wells Fargo’s president and CEO, is set to testify Tuesday before the Senate Banking Committee in a hearing titled “Wells Fargo: One Year Later.”