QUORUMCALL//GPT:
Sen. Elizabeth Warren is urging the Federal Reserve to maintain an asset cap on Wells Fargo until the bank has completed reforms.
MAKING HER CASE
– Sen. Warren argues in a letter to Fed Chair Jerome Powell that lifting the cap prematurely would reward the bank for “incompetent and deceitful actions.”
– Warren believes the bank has not made sufficient progress on reforms to justify lifting the cap.
THE BANK’S RESPONSE
– Wells Fargo has stated that it is committed to satisfying the Fed’s requirements and has made significant progress.
– The bank has been under the cap since 2018 following a series of scandals, including opening millions of unauthorized accounts.
TOPICS COVERED
#WellsFargo #FederalReserve #BankingReform
This article is from Reuters, a reliable source for global and national news.