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Wells Fargo consumer abuses to recur without tougher regulatory oversight, House report says

( March 5, 2020, 15:44 GMT | Official Statement) -- MLex Summary: US financial regulators knew about Wells Fargo deficiencies for years without taking sufficient action, and the potential for widespread consumer harm remains high, a House Committee on Financial Services report said. "Wells Fargo has clearly demonstrated an unwillingness and inability to stop harming its customers, so this Committee is working overtime to make sure consumers are never subjected to the types of abuses and failures committed by this megabank again,” said Committee Chairwoman Maxine Waters, a California Democrat. The report recommends that Congress compel regulators to act against recidivist megabanks, like Wells Fargo, that engage in widespread consumer abuses....

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