Following an article by American Banker and ProPublica that detailed how political appointees weakened the penalties paid by two large banks, the Massachusetts senator is demanding more information from the Justice Department.
Former Trump campaign chairman Paul Manafort pleaded not guilty in a New York mortgage fraud case — state charges that are beyond the reach of a presidential pardon.
Corporate scandals at banks and other firms often suffer from similar management challenges. The financial industry needs to look more closely at these root behaviors to help stem misconduct.
The seven Democrats sought details on the Fed's response to allegations the bank suppressed suspicious activity reports on businesses tied to President Trump and Jared Kushner.
A Wells Fargo customer was interrogated, fingerprinted and mistakenly arrested for check forgery after a series of mistakes on the bank's part. He was cleared, and Wells says it made an error, but they are now fighting in civil court.
