AOC accuses Wells Fargo CEO of financing 'caging' of children at border

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Sloan appeared before the House Financial Services Committee and was grilled by a number of folks in Congress about the company's myriad issues and scandals.

"This is an important hearing and you will hear bipartisan criticism of the actions you have taken and the failures that you have overseen under your watch", he said.

Sloan, who has been at Wells Fargo for 31 years, became the bank's CEO in October 2016 after John Stumpf was forced out after a pair of disastrous congressional hearings. "This is an ongoing commitment by all 260,000 team members - starting with me - to put our customers' needs first; to act with honesty, integrity and accountability; and to strive to be the best bank in America".

Sloan has not appeared before Congress since a 2017 Senate hearing, where he clashed with lawmakers from both parties.

Wells Fargo options prices imply a 1.6 percent move in the share price by the end of this week, according to data compiled by Bloomberg. To date, the company has reviewed 165 million accounts going back 15 years, contacted more than 40 million customers - both individuals and small businesses - via 246 million communications and provided tens of millions of dollars in compensation to customers.

"Mr. Sloan, why was the bank involved in the caging of children and financing the caging of children to begin with?"

In his response, Sloan announced that the bank is in the process of cutting ties with one group and has already stopped financing another-information that wasn't publicly known before the hearing.

Wells Fargo has admitted to several misdeeds over the past two years: opening millions of accounts that customers didn't want or ask for; improperly repossessing thousands of cars, including from some members of the military; mistakenly foreclosing on hundreds of homeowners; and miscalculating the fees it charges customers.

"Wells Fargo's ongoing lawlessness and failure to right the ship suggests the bank - with approximately $1.9 trillion in assets and serving one in three US households is simply too big to manage", Waters said.

The committee's ranking Republican, Patrick McHenry of North Carolina, said his party wouldn't show any sympathy for Wells Fargo. Along the route they will demand that Wells Fargo invest instead in clean-energy solutions to the climate crisis with chants, singing and street theater. "Why should Wells Fargo continue to be the size that it is?"

Wells Fargo CEO Tim Sloan is on Capitol Hill trying to convince lawmakers the bank has undergone a "transformation" and is now a "better bank".

The hearing comes as Wells Fargo, which has a large presence in Charlotte, remains under intense scrutiny from federal authorities and lawmakers in the wake of the 2016 scandal and newer instances of customer harm.

If lawmakers are unhappy with what they hear, they could pressure the Federal Reserve to maintain restrictions imposed on the bank's growth until governance and risk management improve.

"It doesn't feel like they've changed much of anything, to be honest", one of the employees, Meggan Halvorson, said in a statement. "We provide financing to the company that is operating the company", Sloan answered.

Sloan said since taking over as chief executive, he's been working to "address the root causes" of the company's recent controversies. In 2012, Wells Fargo paid $175 million to settle allegations from the Justice Department that it had engaged in "systemic discrimination" involving more than 34,000 minority customers.

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