Wells Fargo CEO says bank has doubled down on regulatory issues

WASHINGTON: New Wells Fargo & Co Chief Executive Charlie Scharf testified on Tuesday that substantial change was underway at the bank as lawmakers grilled him on the status of the bank's remediation plans, consent orders and contingency plans related to coronavirus.

"While I wish you luck, it is clear to this Committee that the bank you inherited is essentially a lawless organization that has caused widespread harm to millions of consumers throughout the nation," Democratic House Financial Services Committee Chair Maxine Waters said in her opening remarks. Waters and others on the committee, which is responsible for overseeing financial firms and their regulators, quizzed Scharf on the health of the banking system amid turmoil in global markets, and on social issues like gun financing and lending to minority groups.

When Scharf took the reins in October, he inherited a bank that was under federal investigation, subject to more than a dozen consent orders and hindered by an unprecedented Federal Reserve cap on its balance sheet growth. Sources inside the bank say that he has been laser-focused on efficiently tackling the bank's problems by cutting unnecessary meetings and focusing on accountability.

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