Congressional Hearing: Wells Fargo Accountability and Reform

• •Wells Fargo opened 3.5 million fraudulent customer accounts, costing consumers over $6 million.
• •The bank engaged in improper practices including charging for unnecessary auto insurance, illegal student loan servicing, inappropriate overdraft fees, and overcharging veterans for refinance loans.
• •A Majority staff report found that the Office of the Comptroller of the Currency (OCC) identified dozens of cases where remediation for consumer abuse exceeded 50,000 customers or $10 million in harm per case.
• •A May 2019 Federal Reserve meeting note recorded a senior Wells Fargo executive suggesting the bank should not be allowed to add new customers due to its operational environment.
• •Charles Scharf is the third Wells Fargo CEO to testify before the committee in less than 3.5 years.
• •The committee released a report on Wells Fargo's compliance with five separate regulatory consent orders.

The hearing addresses the bank's ongoing compliance with federal consent orders and its efforts to resolve past consumer abuses, which directly impact millions of customers who were subjected to fraudulent accounts, improper fees, and predatory lending practices.

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.