Under Janet Yellen's leadership, the Fed placed Wells Fargo

Question 1:

Context On September 13, 2021, Senator Elizabeth Warren sent FED Chair Jerome Powell a letter [PDF] . In the letter she wrote "Under Janet Yellen's leadership, the Fed placed Wells Fargo under an asset cap in 2018 due to its 'widespread consumer abuses and other compliance breakdowns.' In the more than three years since then, numerous additional revelations have surface about Wells Fargo's continued unethical and anti-consumer conduct. These new revelations have once again made clear that continuing to allow this giant bank with a broken culture to conduct business in its current form poses substantial risks to consumers and the financial system.” Senator Warren goes on to ask that the Fed revoke Wells Fargo's status as a financial holding company. The action would require Wells Fargo to separate its consumer bank subsidiary from its other financial activities. Wells Fargo is an enormous financial services company with $1.9 trillion in assets. It serves 1 in 3 U.S. households and 10% of U.S. small business. In Well's Fargo's reply, it cites progress achieved under the new CEO, Charles Scharf, including: