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Lawmakers to Grill Equifax and Wells Fargo CEOs in October
Monday, September 25, 2017 6:50 AM

Equifax CEO Richard Smith and Wells Fargo CEO Tim Sloan are scheduled to testify on major operational breakdowns at both companies before Senate lawmakers during the first week of October. The hearings have high stakes for both companies.

The Senate Banking Committee announced Thursday that it would hold a hearing Oct. 3 on Wells Fargo's phony-accounts scandal, which was first revealed by regulators a year ago. The hearing, "Wells Fargo: One Year Later," will feature Sloan as its sole witness.

Sloan will likely have to answer questions on why estimates for consumers affected by its phony accounts scandal have gone up and about new allegations related to sales of auto insurance.

Sen. Elizabeth Warren (D-Mass.), a member of the Banking Committee, has been pressing the Federal Reserve Board to fire members of Wells' board of directors who were present when the scandal occurred.

A day later the panel will tackle Equifax's massive data breach, which compromised information on 143 million consumers, with Smith as the sole witness. Warren, among others, has said that Equifax's top executives need to be fired as a result of the breach.

The Equifax breach has drawn bipartisan condemnation because of the volume of data stolen and how many consumers were affected. Smith is likely to face questions on why it took six weeks for the public to be notified of the breach and about its initial use of arbitration agreements for customers signing up for Equifax's credit monitoring service.

Read more at the source: Credit Union Journal