Wells Fargo CEO tells Congress bank has doubled down on regulatory issues

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.

Last week the Office of the Comptroller of the Currency, the bank's top regulator, said it was encouraged by the new leadership. Many lawmakers were cautiously optimistic that Scharf was the right person for the job but said righting the bank would be a tall task. When pressed for details on the status of the bank's remediation efforts and a timeline for getting over the bank's regulatory hurdles, Scharf was light on specifics but was clear that his management team was committed to working through the banks issues with a fresh sense of urgency.

"We understand the seriousness of concerns felt by customers and employees about the coronavirus," Scharf said in prepared remarks, but during the hearing he declined to provide specifics on how the bank planned to help consumers and clients who are facing hardships due to the pandemic.

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