This is for the haters, trolls and non believers. So, Read it and weep Trolls. Just the facts!!! The are outsourcing risk and compliance rolls! Lots if UGLY TRUTHS. Any other employee would have been fired. Keep driving this FAKE NARRATIVE of making progress.
Here is PROOF!?? Link to pdf:
https://pdfserver.amlaw.com/legalradar/pm-50684461_complaint.pdf
Below is a blip of what is contained in the filing.
“87. The March 2020 Congressional report also faulted the Board of Directors for allowing management to "repeatedly submit materially deficient plans in response to the Consent Orders." Report at p. 36. It noted that Wells Fargo submitted multiple deficient plans that required board review and with regards to plans required by the
OCC, board approval) in response to the 2016 Sales Practices Consent Orders. The Committee staffs investigation revealed that the CFPB and OCC repeatedly rejected the Bank's compliance and redress plans required under the 2016 Sales Practices Consent Orders as incomplete or otherwise deficient. The Report noted that Wells Fargo's Board was directly involved in the process and was specifically told what needed to be done to comply with the consent orders. 27
- The Federal Reserve's staff even held one-on-one sessions with several of Wells Fargo's directors. 28 Still, the Board of Directors failed to ensure compliance with the consent decrees. For example, on April 3, 2018, Wells Fargo made its first submission of plans for board effectiveness and risk management under the 2018 Federal Reserve Consent Order. "Despite receiving consistent direction from Federal Reserve staff on what sufficiently detailed plans should include, Wells Fargo's first submission of plans for board effectiveness and risk management, made on April 3, 2018, fell woefully short of the Federal Reserve's expectations."29 In a May 7, 2018 response letter, Federal Reserve staff informed Wells Fargo that its submission was so "materially incomplete" that the plans, "cannot be evaluated by [Federal Reserve] staff.”
Brrr, BBrrrr….. oh wait, I think someone is Scharting their pants right now.
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