Policymakers should abolish the new accounting standard because it could distract banks at exactly the moment they need to be focused on pulling their communities from the brink of recession.
The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators. Now the bureau needs to focus on the bank-consumer connection.
The bank’s former chair expressed regret over comments attributed to her in a House report, while Democrats and Republicans butted heads over whether the hearing was necessary.
House Democrats maintained their criticism of the bank during Charlie Scharf's first hearing, but Republicans suggested it is on better footing now that many top leaders have been replaced.
Community bankers keep harping on the illusory issue of "too big to fail." If they're serious about strengthening the economy, they should make more of an effort to unite the industry, not divide it.
The House Financial Services Committee is still planning to have former Wells Fargo board members Betsy Duke and James Quigley testify after announcing their resignations.
The bank's board chair and fellow director James Quigley abruptly resigned early Monday. Both are scheduled to appear before the House Financial Services Committee this week.
