Warren, Brown ask regulators to oust Wells Fargo CEO Sloan

The two senators call on the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau to remove Sloan from the bank's top job

Mar 22, 2019 @ 5:39 pm

By Bloomberg News

Sen. Elizabeth Warren is again taking aim at Wells Fargo & Co. CEO Tim Sloan, this time asking federal regulators to invoke their power to make management changes.

The Democratic senator and presidential candidate joined Ohio Democrat Sherrod Brown to send letters to both the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau Friday urging the regulators to remove Sloan.

Ms. Warren has repeatedly called for Mr. Sloan's ouster since he rose to the top job in 2016 as the bank found itself embroiled in a series of customer abuse scandals. The OCC has the power to make executive changes as part of an April 2018 consent order.

"Given Wells Fargo's history of unlawful activity and its current leadership's apparent inability to successfully make things right, I strongly urge the OCC and the CFPB to take additional action," Ms. Warren and Mr. Brown said in their letter. "Regulators should require Wells Fargo to fire the bank's president and CEO Timothy Sloan and to install a third-party monitor."

The San Francisco-based bank has repeatedly said that Mr. Sloan has the unanimous support of its board, most recently earlier this week.

(More: Wells Fargo CEO Tim Sloan draws bipartisan criticism at tough House hearing)


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