Sen. Warren Calls for Removal of 12 Wells Fargo Directors

Date : 06/19/2017 @ 10:07AM
Source : Dow Jones News

Sen. Warren Calls for Removal of 12 Wells Fargo Directors

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By Emily Glazer 

Sen. Elizabeth Warren (D, Mass.) is urging the Federal Reserve to remove a dozen Wells Fargo board directors who served during the bank's sales-practices scandal, according to a letter reviewed by The Wall Street Journal.

In the letter sent to Federal Reserve Chairwoman Janet Yellen on Monday, Sen. Warren urged the Fed to invoke its authority under a rule that allows it to remove certain people associated with depository institutions under specific circumstances.

Sen. Warren pointed to 12 directors who served on the San Francisco bank's board between May 2011 and July 2015, a period in which Wells Fargo fired 5,300 employees for the bad behavior. The bank settled with two regulators and a city official in September for $185 million over the practices. Its chief executive later abruptly retired and the bank continues to face state and federal investigations, which it has said it is cooperating with.

A spokesman for the board declined to comment; a spokeswoman for the bank didn't have an immediate comment.

Write to Emily Glazer at emily.glazer@wsj.com

 

(END) Dow Jones Newswires

June 19, 2017 09:52 ET (13:52 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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