Ocasio-Cortez Tries To Grill Wells Fargo's CEO. He Destroys Her.

Wells Fargo CEO Tim Sloan testifies before a congressional hearing Tuesday

"We don't know with certainty how many consumers were affected", McHenry said.

As CEO Tim Sloan laid out his efforts to clean up the mess left from the bank's scandals, lawmakers suggested regulators and other authorities should be harder on the firm, potentially forcing out more executives or bringing criminal charges.

Sloan is testifying before the House Financial Services Committee, led by Rep. Maxine Waters (D-CA).

"Should Wells Fargo be held responsible for the damages incurred by Climate Change due to the financing of fossil fuels and these projects?"

Because she amplifies questions that MOVEMENTS of people, like the #NoDAPL movement, have been shouting to the powers that be for ages.

The bank on Monday released planned remarks from Sloan and a "progress report" listing moves it has taken to "rebuild trust". The bank has also shaken up its board of directors and improved wages and benefits for its workers, Sloan said.

"Why should Wells Fargo continue to be the size that it is?" asked Waters.

Rep. Patrick McHenry, R-N.C., asked the executive how many federal consent orders exist against the company: 14. "It is an ongoing commitment by all of Wells Fargo's 260,000 team members - starting with me - to put our customers' needs first; to act with honesty, integrity, and accountability", Sloan stated in his prepared statement. "It promises to make sure it doesn't happen again". Following the revelation that employees opened millions of accounts without customers' permission to meet sales goals, issues have emerged in consumer-lending, wholesale and wealth-management units. Sloan said Tuesday that an audit revealed as many as 3.5 million unauthorized accounts had been opened. He said it had made contact with some 40 million customers and had paid tens of millions of dollars in restitution.

Want to know why @AOC's popularity keeps climbing?

"Congressman, our remediation for customers who were impacted by retail sales practices is extensive and comprehensive", Sloan answered.

"And you refuse to let people go to court", Sherman countered.

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In another case, last year, the CFPB imposed a $1 billion fine against Wells Fargo for overcharging customers for mortgages and auto loans.

"Why was the bank involved in the caging of children and financing the caging of children to begin with?"

But in federal court, Wells Fargo tells a different story.

"The sales incentives have changed, not disappeared", the Times wrote, citing current and former employees. The assertions "are just wrong", Sloan said.

Sloan spoke as his bank remains under an unusual Federal Reserve measure imposed previous year to restrict its growth.

Several times, Sloan said he didn't think the bank's enormity was its issue.

"Our company does well by doing right", Sloan told the House Financial Services Committee. Waters, who took control of the committee after Democrats won the House in the 2018 midterms, has pledged to more closely examine large banks.

The shares were up 0.2 percent in early afternoon trading Monday, a fraction of the gains at other big banks including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.

Sloan defended Wells in the hearing, saying it has changed since what he called the "unauthorized account problem" in 2016, when the company admitted opening millions of phony customer accounts.

He said one exit was finalized and the other was still pending, but he couldn't remember which was which. The firm surveyed US banking customers in late 2018. Waters asked. "Is Wells Fargo too big to manage?"

"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.

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