Waters urges regulators to 'escalate penalties' against Wells Fargo

Dive Brief: House Financial Services Committee Chair Maxine Waters, D-CA, called on regulators to “escalate penalties” against Wells Fargo in light of the bank’s history of unlawful, abusive and discriminatory behavior, according to a letter published Tuesday. Waters addressed the letter to leaders...

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Bibliographic Details
Published inBanking Dive
Main Author Bradley, Robin
Format Trade Publication Article
LanguageEnglish
Published Washington Industry Dive 30.06.2022
Subjects
Diversity equity & inclusion
Fines & penalties
Multiculturalism & pluralism
Refinancing
San Francisco California
United States > US
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Summary:Dive Brief: House Financial Services Committee Chair Maxine Waters, D-CA, called on regulators to “escalate penalties” against Wells Fargo in light of the bank’s history of unlawful, abusive and discriminatory behavior, according to a letter published Tuesday. Waters addressed the letter to leaders of the Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corp. (FDIC), Federal Reserve and Department of Housing and Urban Development (HUD). At the heart of Waters’ request are two narratives that touch on race: a March Bloomberg report that Wells Fargo approved significantly fewer refinancing applications for Black homeowners than Whites; and a May report from The New York Times that the bank conducted fake interviews with women and nonwhite candidates in an effort to improve diversity and inclusion data.