"Sen. Elizabeth Warren is calling on Fed Chair Janet Yellen to remove the 12 board board members at Wells who presided during the bank's fake accounts scandal," said CNBC in a recent report.
Key quotes (via CNBC):
- In a letter to Federal Reserve Chair Janet Yellen, the Massachusetts Democrat said the scandal has "revealed severe problems with the bank's risk management practices."
- In an agreement with multiple authorities last September, Wells agreed to pay a $185 million fine in conjunction with a scandal in which some 2 million client accounts were created without the customers' knowledge.
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