Sen. Warren Presses Fed Chair Powell on Wells Fargo Remediation Plans

"Requiring Senate-confirmed governors to vote on important enforcement decisions allows Congress and the American public to hold them accountable for their actions," wrote Warren. "Given the breadth of wrongdoing at Wells Fargo and the enormous number of consumers affected, the Fed's governors — not its staff — should be responsible for determining whether Wells Fargo is complying with the consent order."

In her letter, Warren also requested that Powell publicly release the third-party review — required by the consent order — of Wells Fargo's implementation of the plans.

Powell said during the March 1 hearing that he would release what he could "if there is a way to do it that is faithful to (y)our obligations and (the Board's) practices."

Warren urged Powell to release "as much of the third-party review as possible so Congress and the public can assess how the bank is trying to correct its conduct."

Wrote Warren: "Wells Fargo scammed more than a million consumers across many of its business lines. The public deserves to see that the Board is strictly enforcing its order."

She requested a response from Powell no later than April 19.

— Check out Sen. Warren, Fed Chair Powell Tangle Over Wells Fargo Sanction on ThinkAdvisor.