1. 'The Federal Reserve has Done Nothing': Elizabeth Warren Urges the Fed to Clean House at Wells Fargo

    'The Federal Reserve has Done Nothing': Elizabeth Warren Urges the Fed to Clean House at Wells Fargo

    Sen. Elizabeth Warren wants the Federal Reserve to clean house at Wells Fargo, asking for the removal of the 12 members of the board of directors who served while the fake accounts scandal was ongoing.

    In a letter sent to Fed Chair Janet Yellen Monday, Warren argued that the directors present from 2011 to 2015, when Wells Fargo employees opened as many as 2.1 million accounts for customers without their knowledge, need to go — and that the Fed has the authority to remove them under a Congressional statute regarding the governance of insured depository institutions like Wells Fargo.

    "I ...

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    1. I urge you to exercise your legal authority to remove the holdover Wells Fargo Board members. Federal Reserve regulations and guidance impose clear risk-management obligations on the Board — obligations that are quite demanding for a bank as large and complex as Wells Fargo.
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