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
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President trump, live, unfiltered coverage, on cspan 2, on demand at cspan. Org impeachment. Listen with the free cspan radio app. Next, testimony from financial regulators on oversight and other issues, including Digital Currency, banking liquidity rules and the impact Climate Change could have on the financial industry. Held by the Senate Banking committee, this is an hour and 40 minutes. The committee will come to order. Today, we will receive testimony from the honorable randall quarrels, the honorable mcwilliams, chairman of the fdic and the honorable rodney hood, chairman of the ncua. Welcome to all of you. This hearing provides the committee of supervisory activities of these agencies. Its been over a year now since the Economic Growth regulatory relief and Consumer Protection act and the work of the agencies to implement most of the provisions, including the tailoring rules for u. S. Banks and foreign banks. Your agency should also carefully review the supervisory frameworks an
Today will receive testimony from the honorable randall orosz, Federal Reserve vice chairman for supervision. The honorable eleanor mcwilliams chairman of the ftse and the honorable rodney hood chairman of the ncua. Welcome to all of you. This hearing provides committee an opportunity to examine the current state of and recent activities related to regulatory and supervisory activities of these agencies. Its been over a year now since the enactment of s 2155 Economic Growth regulatory relief and Consumer Protection act and the work of the agencies to implement most of the laws provision. Your agency should also carefully review the existing supervisory frameworks and make necessary adjustments to appropriately align them with the tailoring rules and requirements. On july 30, 2019 all Republican Banking Committee members and i sent a letter to the federal banking regulators urging your agencies to finalize several outstanding positions of s 2155 such as the Community Bank leverage ratio
Its. Next, testimony from financial regulators on oversight and other issues including Digital Currency, banking liquidity rules and the impact Climate Change could have on the financial industry. Held by the Senate Banking committee this is an hour and 40 minutes. [inaudible background conversations] this meeting will come to order. Today will receive testimony from the honorable randall orosz, Federal Reserve vice chairman for supervision. The honorable eleanor mcwilliams chairman of the ftse and the honorable rodney hood chairman of the ncua. Welcome to all of you. This hearing provides committee an opportunity to examine the current state of and recent activities related to regulatory and supervisory activities of these agencies. Its been over a year now since the enactment of s 2155 Economic Growth regulatory relief and Consumer Protection act and the work of the agencies to implement most of the laws provision. Your agency should also carefully review the existing supervisory fra