Minorities are often hit harder financially during a crisis, but if regulators move forward on revamping the Community Reinvestment Act, they’ll only make matters worse.
The heads of two congressional committees are requesting a briefing from the agency after a watchdog recommended improvements in how it prepares for crises.
Measures that delay the Current Expected Credit Losses standard and reduce a community bank capital ratio are temporary, but the industry now sees an opening to argue that they should be permanent.
Details of the $2 trillion deal were still fluid Wednesday, but lawmakers were closing in on a plan that would aim to put banks and consumers alike on stronger financial footing as they weather the coronavirus pandemic.
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.
The chairwoman of the House Financial Services Committee should call on regulators to take more aggressive steps with bad banking practices, starting with Wells.
The chair of the House Financial Services Committee, Maxine Waters, contends that Tim Sloan knowingly made misleading and inaccurate comments during a hearing before her panel last year.
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.
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.
