Wells Fargo CEO Tim Sloan will address U.S. lawmakers on Tuesday, outlining the bank’s efforts to resolve sales practice controversies and enhance risk management protocols, according to prepared testimony. The remarks come amid ongoing regulatory and legislative pressure following years of misconduct allegations.
Since 2016, the bank has reviewed 165 million accounts, contacted over 40 million customers, and disbursed millions in compensation related to unauthorized fees and fraudulent account creation. Sloan’s statement emphasized cultural reforms and improved customer interactions as part of its recovery strategy.
House Democrats, including Reps. Maxine Waters and Alexandria Ocasio-Cortez, have signaled intent to intensify oversight of major financial institutions. Regulators have also criticized the bank’s remediation plans as insufficient, with the Federal Reserve imposing a 2018 consent order restricting balance sheet growth until risk controls improve.
The bank has restructured its board and centralized risk oversight to meet regulatory demands. Executives report regular meetings with regulators to address concerns, though Wells Fargo now projects compliance with the Fed’s requirements will extend through 2019—six months later than previously estimated.
