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Drudge Retort: The Other Side of the News
Wednesday, September 15, 2021

Democratic Senator Elizabeth Warren is calling on the Federal Reserve to break up Wells Fargo following years of scandal at America's most troubled big bank.

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"Every single day that Wells Fargo continues to maintain these depository accounts is a day that millions of customers remain at risk of additional negligence and willful fraud," Warren wrote in a letter sent to Federal Reserve Chair Jerome Powell on Monday. The New York Times first reported the letter.

The push comes after regulators fined Wells Fargo $250 million due to "significant deficiencies" in the bank's mortgage lending practices and slow progress in refunding customers.

"Wells Fargo has not met the requirements of the OCC's 2018 action against the bank. This is unacceptable," Acting Comptroller of the Currency Michael Hsu said in a statement last week.

In her final act as Fed chair, the Janet Yellen-led Fed imposed an unprecedented asset cap on Wells Fargo in early 2018 citing the bank's "widespread abuses."

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#1 | Posted by Corky at 2021-09-14 11:52 PM | Reply

8 scandals againt consumers. Yea, something stinks.

#2 | Posted by fresno500 at 2021-09-15 02:46 PM | Reply

Banks regulating banks with a company called "the federal reserve"- the whole system is a joke.

#3 | Posted by Brennnn at 2021-09-15 04:34 PM | Reply

Buffett has had enough of WF. Lord Nelson said that you have to occasionally hang an admiral to keep the others in line. WF needs more that fines.

www.reuters.com

#4 | Posted by bored at 2021-09-15 05:00 PM | Reply

#3 - it may not be the best system, but who do you suggest control the money valves?

Taxes are another way to control the economy. Look at the self-serving tax laws Congress has enacted. Do you really want them to play the role of the Fed, too?

#5 | Posted by jakester at 2021-09-15 05:05 PM | Reply

"Elizabeth Warren Wants the Fed to Break Up Wells Fargo"

And republicans stood up in support, because both parties are the same.

Just kidding. They called her a marxist communist harpie etc.

Dems fight against the plutocrats, repubs fight for the plutocrats, morons say both parties are the same.

#6 | Posted by SpeakSoftly at 2021-09-15 06:09 PM | Reply

breaking up banks is hard to do.

clsbluesky.law.columbia.edu

#7 | Posted by jakester at 2021-09-15 10:57 PM | Reply

Break up ALL the big banks. If it's too big to fail, it's too big to be allowed to exist.

#8 | Posted by DarkVader at 2021-09-16 04:33 PM | Reply

#8 - read my link in post #7 and tell us how you think it can be done.

#9 | Posted by jakester at 2021-09-16 04:38 PM | Reply

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