This story appeared in Bank Digest.
Republican staff on the House Financial Services Committee have released a second interim majority staff report on the committee's investigation into the Wells Fargo fraudulent accounts scandal and the Consumer Financial Protection Bureau's enforcement action on the matter. According to the report, an internal CFPB "Recommendation Memorandum" for Director Richard Cordray--improperly withheld from the committee for over a year--reveals the Bureau failed to fully and adequately investigate Wells Fargo. Instead, the report claims, the Bureau rushed to settle with Wells Fargo for less than 1 percent of the Bureau's own estimate of the bank's statutory civil monetary penalty.
In addition, the report says that as with the first interim majority staff report which was issued in June 2017, the committee remains unable to complete its investigation because Director Cordray remains in default of the committee's April 2017 subpoena seeking relevant records.