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ICYMI: Hensarling Addresses Wells-Fargo on CNBC

"I hope the regulators will cooperate in the investigation as well because, as of today, I don’t know if they need a pat on the back or a swift kick on the backside.”


Washington, Sep 22 -




“What appears to be obvious is that two million Americans just got ripped off by their bank and they got let down by their government.  And so I’m not sure that Mr. Stumpf had all the answers.  We’re giving him now, he’s got over a full week to prepare, to go back, to do his homework…We have demanded documents from Wells Fargo, from the Office of Comptroller of the Currency, from the Consumer Financial Protection Bureau.  So hopefully we can have a more thorough, in-depth hearing and start getting some answers to the American people.”

“I think a lot of people want to know why was the story broken by an L.A. Times reporter years and years ago and only now, only now have our regulators seemingly caught it? So I hope the regulators will cooperate in the investigation as well because, as of today, I don’t know if they need a pat on the back or a swift kick on the backside.”

“The bottom line is you had two primary regulators – the CFPB and the OCC – and they had various teams to examine Wells Fargo.  They had agents that were embedded at Wells Fargo.  So the question is, why did it take a newspaper to break the story and the L.A. City Attorney to really investigate it?”