Shearman & Sterling LLP | FinReg | CEO <span ><font >and Chairman of Wells Fargo Testifies Before the US Senate Banking Committee</font ></span >
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  • CEO and Chairman of Wells Fargo Testifies Before the US Senate Banking Committee

    09/20/2016

    Wells Fargo CEO and Chairman John Stumpf, US Comptroller of the Currency Thomas J. Curry and CFPB Director Richard Cordray testified before the US Senate Banking Committee in a hearing entitled “An Examination of Wells Fargo’s Unauthorized Accounts and the Regulatory Response.” Comptroller Curry said he directed the US OCC examiners to review the sales practices of all large and mid-size banks supervised by the OCC to “assess the sufficiency of controls with respect to sales practices.” Comptroller Curry also noted that discoveries at Wells Fargo “demonstrate the importance of aligning incentives with appropriate behavior, highlighting the need to finalize interagency incentive compensation rule sooner rather than later.”

    During the hearing Senators questioned Mr. Stumpf on issues of executive accountability, compensation clawbacks, validity of “cross-selling” products and business lines and bank regulator accountability. Mr. Stumpf also provided testimony before the US House of Representatives Financial Services Committee on September 29, 2016.

    View hearing.

    View Comptroller statement.
    TOPIC: Enforcement