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Warren bashes OCCs Otting over Wells Fargo CEO's search



Democratic Massachusetts since Elizabeth Warren collapsed with the office of head of the currency chief Joseph Otting on Capitol Hill on Wednesday and said that the agency "blew it" in the evaluation of Wells Fargo CEO candidates in the past – as the search for a replacement

"No one has been … harder at Wells Fargo than myself," says Comptroller Otting, under testimony to lawmakers belonging to the Senate Committee on Banking, Housing and Urban Affairs.

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Warren replied that ̵

1; at OCC – it was a "low bar", which Otting said he found "insulting".

The clash – during a financial regulator's hearing – came across whether Otting would agree to publish the OCC's evaluation of the next Wells Fargo CEO, especially regarding his or her skills, character, experience, and integrity.

Congress gave the OCC authority to investigate the characters of candidates for leadership positions in a "troubled bank", which means that it can defeat candidates. Otting said that OCC will carry out the review.

Although Otting has the legal option to do so, at that time he said he did not intend to release information about that review.

Warren has made a career of hammering Wells Fargo, which led the charge to ousted Sloan. Sloan stepped down from his post in March and said it was "too much focus" on him and he "became a distraction".

When Sloan made the announcement, Warren said it was "about fucking time" in a Twitter post. She has also asked the Ministry of Justice to investigate the long-standing Wells Fargo employee.

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Presidential candidate 2020 said Wednesday that OCC "blew it," By allowing former Wells Fargo CEO Tim Sloan to take the lead to the company because he was "complicated "in a bank scandal, thereby opening millions of counterfeit accounts without customer knowledge.

OCC along with the Consumer Financial Protection Bureau (CFPB) fined Wells Fargo $ 1 billion in the way it administered insurance in connection with its auto loans and mortgages. The bank also fined $ 185 million in 2016 to secretly build up these accounts on behalf of customers.


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