Wells Fargo & Co. (NYSE: WFC) isn't complying with the various financial settlements it agreed to over the last few years in the fake accounts scandal, the United States House Committee on Financial Services said in a report on Wednesday.
Wells Fargo Undermining Regulators
The report released a week ahead of the Wells Fargo CEO Charles Scharf's testimony to the Congress concluded that Wells Fargo board failed to oversee the management in addressing the risk management concerns raised by the regulators.
The board didn't ensure that there were managers with "sufficient compliance experience" to handle the matter, the report said, and instead outsourced the compliance to outside consultants.
The report further alleged that the board allowed the management to "repeatedly" …
Full story available on Benzinga.com