Banking Dive: Fed, OCC should probe Wells Fargo’s response to union efforts

This story originally appeared in Banking Dive:

Senate Banking Committee Chair Sherrod Brown, D-OH, is asking the Federal Reserve and Office of the Comptroller of the Currency to investigate allegations of labor abuse by Wells Fargo, in opposition to efforts by the bank’s employees to unionize.

“Regulators should take stronger actions to change Wells Fargo’s culture of noncompliance and account for the troubling unfair labor practice allegations that could be the bellwether for broader safety and soundness and consumer compliance risks,” Brown wrote Wednesday in a letter to acting OCC chief Michael Hsu and Michael Barr, the Fed’s vice chair for supervision.

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