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Lawmakers press Fed chief Janet Yellen to punish Wells Fargo for fake accounts scandal

Outraged lawmakers pressed Federal Reserve Chairwoman Janet L. Yellen on Wednesday to punish Wells Fargo & Co. for creating as many as 2 millions fake accounts, but she declined to commit to any regulatory penalties. “Two million phony accounts. Break them up!” Rep. Brad Sherman (D-Porter Ranch)...
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California treasurer sanctions Wells Fargo over fake-accounts scandal

Business & Finance : Money & Co

California's state treasurer announced Wednesday he has temporarily severed some business relationships with Wells Fargo & Co. over revelations that the bank created millions of accounts without customers' permission. Treasurer John...

Scandal-racked Wells Fargo is docking its CEO $41 million. That's not nearly enough

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The Wells Fargo Board of Directors is evidently hoping that we’ll be very impressed with the punishment it has meted out to Chairman and Chief Executive John Stumpf in the wake of the bank’s cross-selling scandal. Certainly the numb...

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Janet L. Yellen was called on to defend supervision of the banking system, including revelations that Wells Fargo employees had opened unauthorized accounts.

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Business & Finance / Economics : Econwatch

Chair of the Federal Reserve takes hits from both Democrats and Republicans on issues including Wells Fargo's fake account scandal


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