Elizabeth Warren is not a fan of Wells Fargo’s enthusiasm for fraud. It also appears that she is not a fan of the current federal banking official, Comptroller of the Currency Joseph Otting, who is in part responsible for regulating the repeat corporate offender.
That’s just some tight dialogue!
Relatedly, here is an interesting story in the Intercept about Otting’s work in his previous job, as CEO of OneWest Bank. In 2015, OneWest, which already had its own history of unethical business practices, was trying to merge with a company called CIT Bank. The Federal Reserve received 2,177 comments from individuals writing to support the merger … of which “approximately 2,093” were copies of a form letter that the company had created and which Otting had helped promote. A community activist group examined a sample of 593 of the letters and found that:
• They all came from Yahoo email addresses—and had been sent just a few months after Yahoo suffered a major hack of usernames and passwords.
• A “high number” of them were sent overnight on the same day.
• One-third of the accounts that had submitted the comments, including email@example.com, issued bounce-back messages when contacted.
So the individual who supervised that process is now one of the chief banking regulators in the U.S. Nice.