The fallout from Wells Fargo’s fake accounts scandal has been rightfully significant, but if Sen. Elizabeth Warren, D-Mass., has her way, the fallout will extend to a place it’s barely touched so far – Wells Fargo’s boardroom.
Back in September, the bank was fined $150 million by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the city and county of Los Angeles for more than 5,000 of the bank’s former employees opening as many as 2 million fake accounts in order to get sales bonuses.
At the time, the bank said that those 5,000+ employees had already been let go. But since then, the bank agreed to pay at least $142 million to the affected customers, several states and cities cut off their business dealings with the bank, the bank’s CEO and a number of senior executives stepped down, and more executives were terminated by the bank.
But, in Warren’s eyes, all those responsible for the bank’s actions have not yet been held accountable.
On Monday, Warren sent a letter to the Federal Reserve Board of Governors, asking the Fed to remove all 12 of Wells Fargo’s board members who served on the board from 2011 through 2015, the time period that the fake account scandal took place.
Wells Fargo’s board has 15 members, 12 of which were on the board during when the scandal took place.