The most shocking aspect of Wells Fargo’s repeated scandals is that federal regulators have taken no meaningful action against its leadership, ICBA President and CEO Cam Fine wrote in a new op-ed. With Wells Fargo’s chief executive scheduled to testify before Congress next week, Fine wrote that the $2 trillion-asset bank’s board of directors and senior managers are supposed to be held responsible for the institution’s ethical, moral and legal conduct.
“The record clearly shows they have failed,” Fine wrote. “To hold them accountable, to send a message to systemically risky financial institutions that this conduct cannot be tolerated, and to advance justice for the bank’s millions of victims, federal regulators should replace the bank’s board and senior management.”
Read Fine's Op-Ed >