WASHINGTON (Reuters) – A top U.S. bank regulator said on Wednesday it will vet Wells Fargo & Co’s pick for its next chief executive, a development that could complicate the scandal-hit lender’s efforts to find a permanent replacement for CEO Tim Sloan.
Joseph Otting, the Comptroller of the Currency (OCC), told Congress he would use special legal powers that the regulator typically reserves for overseeing financially troubled lenders to review any proposed candidate.
Otting - Findings - Review - Public - Pressure
But Otting said he does not plan to make findings from the review public, despite pressure from U.S. Senator Elizabeth Warren who pressed him on the issue during a hearing before the Senate Banking Committee.
“At this point in time I do not have plans to release that information,” Otting told Warren in a heated exchange.
Warren - Lawmakers - OCC - Wells - Fargo
Warren and other Democratic lawmakers have accused the OCC of being too soft on Wells Fargo, a claim Otting disputed on Wednesday.
Otting said the OCC remains disappointed by the bank’s progress on fixing risk management and governance problems that led to a number of customer abuse scandals, including in its mortgage and auto lending businesses.
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