Democrats have strived to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering in their campaign to overturn it.
The hearings before the Senate Banking Committee have high stakes for both companies, as lawmakers are expected to ask the CEOs whether they should be fired.
Federal Reserve Chair Janet Yellen said Wells Fargo’s treatment of customers was “egregious and unacceptable," hinting that more regulatory action was likely.
One year after it paid $190 million in fines and restitution for opening millions of unauthorized accounts, Wells Fargo remains mired in scandal. Why hasn't it been able to recover?
Wells Fargo forced borrowers to pay millions of dollars in fees to extend interest rate locks that expired due to the bank's delays in processing mortgage applications, a lawsuit claims.
While the national foreclosure crisis no longer commands much attention, a seven-year-old lawsuit tied to the foreclosure of a Centerville, Ohio, home continues to wind its way through the federal court system.
There are outstanding questions about whether Elizabeth Duke, who has been on Wells Fargo's board since January 2015, is the right person to lead a culture change at a large bank mired in scandals and investigations.
