Politico Pro: CFPB was late to Wells Fargo probe, letters suggestPosted by Financial Services Committee on April 06, 2017
Documents released by Chairman Jeb Hensarling included a May 8, 2015, letter from the CFPB to Wells in which the bureau says news reports in the Los Angeles Times and the city complaint have raised “significant concerns and questions” about Wells Fargo’s sales practices.
The letter, signed by CFPB regional director Edwin Chow, asked Wells for details on its sales practices and urged the bank not to destroy any documents.
“What a coincidence,” said Rep. Ann Wagner. “The CFPB was asleep at the wheel.”
Richard Cordray defended the agency during his semi-annual appearance before the committee today.
“We had had previous indications that there had been problems at Wells Fargo,” he said. “It wasn’t the L.A. Times article that tipped us off.”