According to an article published in the The Hill – October, 2017 the Senate Banking Committee is going to grill the CEOs of Equifax and Wells Fargo with regards to the “massive financial scandals that have dominated headlines and tarnished their names.”
Wells Fargo CEO Timothy Sloan will testify before the Banking panel on Oct. 3, while Equifax CEO Richard Smith will appear on Oct. 4. Both executives are expected to face hostile questions from both parties after a series of missteps that have triggered federal investigations.
For those who have been out of the loop –
Wells Fargo may have opened up to 3.5 million accounts without their customers’ consent. Wells Fargo is also accused of using “misleading tactics” to sell unwanted auto and life insurance policies. This is what has been disclosed to thus far, no telling how much more will be discovered (or never discovered).
Side bar: in 2016 Wells Fargo was fined more than $180 million as part of a joint investigation with the Consumer Financial Protection Bureau, the Federal Reserve, Justice Department and several state agencies.
Equifax’s massive security breach:
To add more to the drama for lawmakers they will grill Equifax’s CEO about the credit reporting company’s failure to disclose the fact that as many as 144 million Americans’ sensitive financial information was hacked, but Equifax thought it best to hide this breach until months.
SEC hacked last year but did not disclose until a year later:
According to an article in the New York Times – the top securities regulator in the United States said Wednesday night that its computer system had been hacked last year, giving the attackers private information that could have been exploited for trading.
* FRAUD AND DECEIT – BELOW ARE JUST A FEW OF THE CONS WELLS FARGO HAS BEEN INVOLVED IN, THAT WE KNOW OF THUS FAR.
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