expand until the Fed believes Wells has solved
all of its culture problems. That probation, which
started two years ago, was only expected to last a
year and there are no signs that it will end soon.
Further, the $3 billion settlement doesn’t resolve
the bank’s problems related to auto insurance
and mortgages, which happened in the years
following the sales practices scandal. Those
issues remain under investigation by state and
federal authorities.
The House Financial Services Committee,
meanwhile, said that it will hold two days of
hearings next month at which it will announce
the findings of its investigation into the bank’s
compliance with regulatory orders issued in the
wake of the fake accounts scandal. Scharf and
other top executives are due to appear at the
hearings, the committee said.
“Despite today’s settlement, these hearings
and the Committee’s investigation will make
clear that the problems at Wells Fargo remain
unresolved,” Committee Chairwoman Maxine
Waters, D-Calif., said.