Nuns demand answers from Wells Fargo on fake accounts

Wells Fargo is already facing heat from the House of Representatives, the Senate, theConsumer Financial Protection Bureau, the Office of the Comptroller of the Currency, various states and municipalities, and maybe even the Department of Justice for the fake account scandal surrounding the bank, and now the bank has more trouble.

According to a report from the Philadelphia Business Journal, a group of nuns and other religious investors are calling on Wells Fargo to cough up more information about the bank’s business practices and want structural changes to the bank’s leadership structure.

From the Philadelphia Business Journal report:

The Interfaith Center on Corporate Responsibility  filed a shareholder resolution on Monday that called for the San Francisco-based bank to report on the root causes of the fake accounts scandal. Last month, Wells Fargo admitted that its employees opened as many as 2 million checking, savings and credit card accounts without the customer authorization in order to meet sales goals.

The ICCR, a group of asset managers and religious leaders that pushes responsible investing and corporate governance, also demanded a plan for improved oversight from Wells Fargo and suggested separating the chair of the board of directors and CEO roles.

Read on.


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