The Latest: Yellen says Fed is reviewing Wells Fargo issues
By The Associated Press
WASHINGTON — Jul 13, 2017, 11:44 AM ETThe Latest on Federal Reserve Chair Janet Yellen's testimony to the Senate Banking Committee (all times local):
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10:50 a.m.Federal Reserve Chair Janet Yellen says that the Fed does have the power to remove directors of banks, but she did not give a specific commitment to do so when pressed on the issue by Sen. Elizabeth Warren.
Warren, D-Massachusetts, wants to see the directors of San Francisco-based Wells Fargo replaced.
Warren pressed Yellen by saying that the Wells Fargo board of directors had failed to halt improper practices at the bank that involved thousands of employees creating fake accounts.
"Time after time, big banks cheat their customers and no actual human beings are held into account," Warren told Yellen.
Yellen described the actions at Wells Fargo as "egregious and unacceptable." She said the Fed needs to conduct a "full investigation" to understand the root causes of the problems at Wells Fargo. Yellen said the central bank is prepared to take appropriate enforcement actions but did not say whether that action would include removal of any bank directors.
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http://abcnews.go.com/Business/wireStory/latest-yellen-fed-reviewing-wells-fargo-issues-48614671
