noise the committee will come to order. Without objection, the chair is authorized to declare recess of the committee at any time. This hearing is entitled Holding Wells Fargo Accountable and ceo perspectives for the bank that broke americas trust. I now recognize myself for five minutes with an Opening Statement. Today, wells far go ceo, charles scharf, will testify before the committee about how he plans to end wells fargo egregious battle of abuse. Hes the third wells fargo ceo to testify before this committee and less than three and a half years. I will note that each time wells fargo ceo testified before this committee, he has resigned soon thereafter. Mr. Charles scharf, you have taken on a massive challenge and while i certainly wish you luck, it is clear to this committee that the bank you inherited is essentially a flawless organization that has caused widespread harm to millions of consumers around the nation. Wells fargo has opened 3. 5 million fraudulent accounts with their
noise the committee will come to order. Without objection, the chair is authorized to declare recess of the committee at any time. This hearing is entitled Holding Wells Fargo Accountable and ceo perspectives for the bank that broke americas trust. I now recognize myself for five minutes with an Opening Statement. Today, wells far go ceo, charles scharf, will testify before the committee about how he plans to end wells fargo egregious battle of abuse. Hes the third wells fargo ceo to testify before this committee and less than three and a half years. I will note that each time wells fargo ceo testified before this committee, he has resigned soon thereafter. Mr. Charles scharf, you have taken on a massive challenge and while i certainly wish you luck, it is clear to this committee that the bank you inherited is essentially a flawless organization that has caused widespread harm to millions of consumers around the nation. Wells fargo has opened 3. 5 million fraudulent accounts with their
The committee will come to order. Without objection, the chair is authorized to declare recess at any time. This hearing is entitled holding wells fargo accountable. For the banktive that broke americas trust. I recognize myself to give an Opening Statement. s ceo wills fargo testify about how he plans to end the egregious pattern of consumer abuses. He is now the third wells fargo ceo to testify before this committee in less than three and a half years. I will note each time a wells fargo ceo has testified before this committee, he has resigned as soon thereafter. You have taken on a massive challenge. While i wish you luck, it is clear to this committee that the bank you inherited is essentially a lawless organization that has caused widespread harm to millions of consumers throughout the nation. Opened 3. 5 has million fraudulent accounts in their customers names, which cost consumers over 6 billion, charged consumers for automobile insurance policies they did not need, resulting in
[inaudible conversations] this committee will come to order. Without objection the chairs authorized to declare a recess at any time to be entitled Holding Wells Fargo Accountable the bank that broke americas trust i recognize myself for four minutes to give an Opening Statement. Today wells fargo ceo will testify before the committee about how he plans to and wells fargo egregious pattern of consumer abuses. We invited him to testify before this committee the last three and half years. We will note each time a ceo has testified before this committee he has resigned they are soon after. [laughter] you are taking on a massive challenge i certainly wish you luck it is clear to this committee that the bank you inherited is a lawless organization has caused widespread harm to millions of consumers throughout theor nation. Ells fargo has opened three. 5 million fraudulent accounts in their customers names which cause consumers over 6 million charged consumers for automobile insurance polici
And managing it in a very difeated differently because the person is going to get more points for the higher value. He should not be treated differently. Thank you. And im sure i yield back. The gentlewoman from california is recognized for five minutes. Mr. Scharf have you seen the movie herald and kumar go to white castle . There is a famous scene in that movie where kneel Patrick Harris borrows the car and completely trashes it. Wells fargo lets monies to customers get a car and they want them to protect that car. The collateral, the value. Theres always the kneel Patrick Harris risk. Crashes the car, default on the loan and the value is not enough so there is the risk of a loss. To guard against that loss, wells fargo as consumers pay free gap waivers. Gap stands for guaranteed auto protection. The gap waiver cancels the remaining downs on the loan if the regular auto liability payout after the car is damaged is insufficient. But when someone pays off alone, there is no need for th