ABSTRACT

Wells Fargo-A Timeline of Recent Consumer Protection and Corporate Governance Scandals [Updated February 3, 2020]   [open pdf - 586KB]

From the Document: "Wells Fargo Bank, N.A., is a large federally chartered depository bank. It is a subsidiary of Wells Fargo and Company, a bank holding company (hereinafter, Wells Fargo or the bank). Wells Fargo is the fourth-largest bank in the United States with $1.9 trillion in assets at the end of 2019. In 2016, a scandal involving Wells Fargo creating fake accounts--which may have harmed more than 2 million consumers--increased scrutiny of the bank by Congress, financial regulators, and the public. Since the scandal was revealed to the public, certain of Wells Fargo's business practices have continued to raise concerns relating to consumer protection and corporate governance, leading to additional congressional oversight and interest. This In Focus provides a brief overview of federal regulation of Wells Fargo and a timeline of key events involving the company since the scandal's disclosure. It then discusses a few relevant policy issues, including consumer protection and corporate governance, and highlights recent instances of congressional oversight of the bank."

Report Number:
CRS In Focus, IF11129
Author:
Publisher:
Date:
2020-02-03
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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