ICBA commended the Federal Reserve and former Chair Janet Yellen for heeding the community banking industry’s repeated calls for equitable treatment of Wells Fargo following the megabank’s repeated consumer abuses.
Following ICBA’s calls last year
to replace the Wells Fargo board and senior management, the Fed announced restrictions on the megabank’s growth, the removal of four board members, and required improvements to its governance and risk management controls.
ICBA has worked to distinguish community banks from Wells Fargo and other megabanks while ensuring their misconduct does not undermine community bank regulatory relief.
“While the Fed’s actions are a step in the right direction, regulators must ensure that all too-big-to-fail banks are held fully accountable for illegal actions—not just when public pressure is brought to bear,” ICBA President and CEO Cam Fine said.
Read ICBA Release