Wells Fargo's internal review only covers unauthorized accounts dating back to 2011. News reports and court documents suggest these problems might have existed long before then. The 2013 'Los Angeles Times' articles led to the L.A. city attorney's office investigation into Wells Fargo's sales practices.
- Richard Shelby
Dodd-Frank greatly expanded the regulatory reach of the Federal Reserve. It did not, however, examine whether it was correctly structured to account for these new and expansive powers. Therefore, the Committee will be examining the appropriateness of the Fed's current structure in a post Dodd-Frank world.
- Richard Shelby
A number of former Wells Fargo employees have described their work environment characterized by intense pressure to meet aggressive and unrealistic sales goals. In a 2010 letter to shareholders, Mr. Stumpf wrote that Wells Fargo's goal was eight products per customer because eight rhymed with great.
- Richard Shelby
I believe that when you are attacked like we were attacked in America by these terrorist groups, that we not only have to respond in kind, we've got to go farther. We've got to destroy these groups because just sure as we don't - if we didn't respond, we will be hit again and again and again, and we will live in fear.
- Richard Shelby
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