Sen. Brian Schatz, D-Hawaii, said it is hard to imagine how Wells Fargo's $8 million remediation plan would correct a mistake that led to 400 wrongful foreclosures.
The bureau wants to encourage more innovation without the threat of enforcement, but observers say regulators also need a testing ground to prove they can regulate fintech.
Six months after the Federal Reserve put Wells Fargo on a strict diet — no more growth until it cleans up its act — shareholders are finding it’s not so bad.
Multiple agencies are looking into its purchase of certain credits tied to low-income housing developments, the bank said in a securities filing Friday.
The agreement was likely the last of the big cases to be cleared by the Justice Department, and Wells paid less than its peers did to resolve the lingering mortgage probes stemming from the meltdown.
Kraninger, a senior official at the Office of Management and Budget, has been heavily criticized by Democrats on the panel over her ties to the administration's family-separation policy at the border.
