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NOTEBOOK – One Good Read: Regulator slams Wells Fargo after CEO testifies to Congress


Wells Fargo received a rare — and highly public — rebuke from a top regulator minutes after CEO Tim Sloan finished testifying before a “combative” House panel on Capitol Hill, reports the Wall Street Journal“We continue to be disappointed with [Wells Fargo’s] performance under our consent orders and its inability to execute effective corporate governance and a successful risk management program,” a spokesman for the Office of the Comptroller of the Currency said in a written statement. Wells Fargo, which is one of Central Iowa’s largest employers, is under extreme pressure from regulators, and Sloan spent four hours on Tuesday testifying before the House Financial Services Committee, led by Chairwoman Maxine Waters. Wells Fargo has struggled publicly to move past a 2016 settlement over opening fake accounts for customers, which cracked the door for other problems to emerge across the bank’s business lines.

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