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Warren bare OCC Otting through Wells Fargo General Manager's search maintenance



On Wednesday, Elizabeth Warren met with the head of the Office of the Chief of Currency Joseph Josephing, saying that the agency was "exaggerating" in evaluating Wells Fargo's General Director candidates in the past – as a search for a change

"No one … heavier Wells Fargo than I "The Comptroller Otting said at a witness show against the legislators in the Senate Banking, Housing and Urban Affairs Committee.

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Warren replied that ̵

1; OCC was a "small bar" that Otting said he was "offended".

During the hearing on the supervision of financial regulators, the meeting arose as a result of Otting agreeing to publicly disclose the OCC's evaluation of another Wells Fargo Director-General, especially as regards his competence, nature, experience and integrity.

Congress has given OCC the authority to investigate the characteristics of candidates for leadership positions in a "troubled bank", which means that it can defeat candidates. Otting said OCC will be reviewing

Although Otting has the legal opportunity to do so, he said he was not going to release any information related to this review at that time.

Warren has made a career at Wells Fargo, leading the charge that Sloan would be displaced. Sloan abandoned his duties in March, saying he was "over-focused" and "distracted".

When Sloan published a message, Warren said "there is a cursed time on Twitter". She also asked the Justice Department to investigate a long-term employee of Wells Fargo.

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2020 "Allowing Wells Fargo General Manager Tim Sloan to lead the company because he" took part "in a bank where millions of counterfeit accounts were opened without customer knowledge

OCC, along with Consumer Finance Information (CFPB), punished Wells Fargo for $ 1 billion. Dollars for how he managed the insurance related to his auto loans and the misuse of mortgages. 2016 The bank was also fined $ 185 million for secretly registering these accounts on behalf of clients.


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