1、 https:/crsreports.congress.gov Updated February 27, 2020Wells FargoA Timeline of Recent Consumer Protection and Corporate Governance ScandalsWells Fargo Bank, N.A., is a large federally chartered depository bank. It is a subsidiary of Wells Fargo and Company, a bank holding company (hereinafter, We
2、lls Fargo or the bank). Wells Fargo is the fourth-largest bank in the United States with $1.9 trillion in assets at the end of 2019. In 2016, a scandal involving Wells Fargo creating fake accountswhich may have harmed more than 2 million consumersincreased scrutiny of the bank by Congress, financial
3、 regulators, and the public. Since this revelation, certain Wells Fargo business practices have continued to raise concerns relating to consumer protection and corporate governance, leading to additional congressional oversight and interest. This In Focus provides a brief overview of federal regulat
4、ion of Wells Fargo and a timeline of key events involving the company. It then discusses a few relevant policy issues, including consumer protection, corporate governance, and recent congressional oversight of the bank. Overview of Regulation Similar to other large banks, several federal financial r
