From submitting their fingerprints to giving up their tax records, Wells Fargo &...
WASHINGTON - From submitting their fingerprints to giving up their tax records, Wells Fargo & Co’s next chief executive will go through a vetting process that could rival that of top U.S. government officials.Comptroller of the Currency Joseph Otting said last week he would invoke a little-known law to review Wells Fargo’s board pick to replace Tim Sloan, who in March became the second CEO to leave the bank amid a series of customer abuse scandals.
Otting will have some discretion, however, as to just how far the agency goes in using its extensive powers to dig into the candidate’s background. “That reflects a lack of trust in the institution’s ability to solve their problems,” said Thomas Vartanian, a law professor at George Mason University and former OCC official.
If Otting decides to use all his powers, the vetting process could resemble that undergone by Senate-nominated officials.
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