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The Fed chair offered a bruising assessment of the bank's conduct, but provided no update on the status' of the agency's investigation...
Let me say that I consider the behavior of Wells Fargo toward its customers to have been egregious and unacceptable.
Between 2011 and 2015, Wells Fargo seems to have had an almost limitless capacity to cheat its customers and shirk its regulatory responsibilities. Yet a dozen Board members from that period continue to serve today.
Wells Fargo's board and management team have taken many actions in response to its retail sales practices issues, including changes in senior leadership, executive accountability actions and numerous steps to ensure we make things right with our customers and other stakeholders.