Sen. Elizabeth Warren (D-Mass.) urges the Federal Reserve to break up Wells Fargo for 'abusive and unlawful' practices
, Warren said the Fed should invoke the Bank Holding Company Act to separate Wells Fargo's bank subsidiary from its other financial activities, including investment banking and trading services, after"numerous" revelations over the past three years of ongoing misconduct at the bank.
“Allowing this giant bank with a broken culture to conduct business in its current form poses substantial risks to consumers and the financial system,” Warren wrote, pointing to the Office of the Comptroller of the Currency'slast week to fine the bank $250 million for violating a regulator order from 2018 to fix"unsafe or unsound" practices in its home-lending division.
Warren also cited a long list of enforcement orders over the past two decades, including several stemming from a 2016 in which bank employees were found to have collected millions of dollars in revenue over nearly 14 years by opening millions of accounts in customers' names without their knowledge to meet"impossible sales goals.
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