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.
The bank said it was Sloan's decision to retire, but a new report from House Democrats reveals that Fed and OCC officials made moves behind the scenes in 2018 and 2019 to pressure the bank's board to remove him.
Critics of the OCC have long maintained that the agency was too close with the San Francisco bank. A watchdog's assessment of what transpired between 2009 and 2017 is expected to be completed late this spring.
A lawsuit filed by a New Jersey branch employee who was fired in 2016 includes detailed allegations about the pressure that front-line workers faced to meet monthly sales targets. The case is scheduled to go to trial in February.
The legislation, sponsored by Rep. Cindy Axne of Iowa, aims to hold public companies accountable for moving jobs overseas. It won unanimous support from House Democrats but attracted only two votes from Republicans.
“It wouldn't be unusual” for the Federal Reserve to work alongside private-sector operators in the creation of a U.S. real-time payments system, its chairman said.
With several top candidates reportedly turning down the job, some insiders are reportedly lobbying the board to appoint C. Allen Parker as the bank's next CEO.
In stark contrast to his predecessor, C. Allen Parker said Thursday he accepts regulators' criticism and suggested that the bank may struggle to achieve revenue growth until it moves past its regulatory woes.
