News release: “Following the release of a Majority staff report entitled, “The Real Wells Fargo: Board & Management Failures, Consumer Abuses, and Ineffective Regulatory Oversight,” Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, convened a full Committee hearing with Charles W. Scharf, Chief Executive Officer (CEO) and President of Wells Fargo & Company…Among the disturbing findings uncovered in the report is that the Office of the Comptroller of the Currency is aware of dozens of cases at Wells Fargo where the number of consumers or customer accounts requiring remediation for a consumer abuse exceeds 50,000 or the amount of harm exceeds $10 million. I am very concerned that the bank’s pattern of harming its consumers appears to persist. The Majority’s staff report also uncovered notes from a May 2019 Federal Reserve meeting with Wells Fargo reflecting that a senior Wells Fargo executive stated “if he were CEO, he would not allow the addition of any new customers to the company since the firm is operating in this environment.” Based on the findings of the Majority staff report, I agree with the sentiment that Wells Fargo isn’t ready to be America’s bank again. And this is the challenge before you, Mr. Scharf. You must not only rebuild this institution, you must also rebuild America’s trust in it…”