In a lengthy report released Wednesday, the bank pledged to protect whistleblowers, better handle customer complaints and re-examine its lending practices.
A CFPB report revealed that the fees charged to college students by Wells Fargo for financial products are three times higher than average. Sen. Warren wants to know why.
Now that Wells must abide by the central bank's asset cap through year-end, it may have to divest more nonessential assets and take other steps to open up room for core loan growth.
CEOs on the hot seat. Banks fighting to stay independent. Comfortable players ripe for disruption from Amazon and others. It is shaping up as a riveting year.
The Federal Reserve Board chairman told Sen. Elizabeth Warren in a letter that the central bank is actively reviewing the bank's progress in following a February consent order.
An eight-month-old consent order appears to be forcing the San Francisco bank to grapple more deeply than it did previously with the many failures that led to its account-opening scandal.
Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.
The senator wants the Fed to retain its asset cap on Wells Fargo until the CEO is fired; industry groups call on regulators to reconsider or scrap plans to modify Volcker Rule.
Sen. Elizabeth Warren is opening a new front in a campaign against a familiar foe — demanding that the Federal Reserve keep its restrictions on Wells Fargo until Chief Executive Officer Tim Sloan is removed.
