Letters to eight bank CEOs from the Idaho senator were a rebuttal to calls by some Democrats for financial institutions to cut ties with firearms manufacturers, prison companies and others.
The bill by Sens. Kevin Cramer, R-N.D., and John Kennedy, R-La., would block banks and credit unions with over $10 billion of assets from refusing service to "customers that may not share the same political values."
Speaking at a press conference, Federal Reserve Chairman Jerome Powell said the bank’s risk management failures have required a dramatic overhaul of its processes.
The bank was fined $25 million for what the Office of the Comptroller of the Currency said was an inability to provide the discounts to all who were eligible.
The Federal Housing Administration is returning to manual reviews of higher-risk loans it insures because it's finding that a growing share have lower credit scores, higher debt-to-income ratios, or both.
Federal regulators normally hesitate even to name specific institutions, but the Office of the Comptroller of the Currency appears to be taking a different tack with Wells.
House Financial Services Committee Chairwoman Maxine Waters said the CEO's 2018 bonus was "outrageous and wholly inappropriate" and called for his removal.