Review the Wells Fargo consent orders from 2016 and 2018, and the videoLinks to an external site. of the Senate Banking Committee hearing showing Senator Elizabeth Warren questioning Wells Fargo CEO Tim Sloan. Both the OCC consent orders and the Congressional Hearing on Wells Fargo are viewed as setting a new standard or precedent in the financial industry, as they have highly impacted bank operations and overall reputation.

• Based on what you've read about Wells Fargo in the consent orders and from watching the video clip of the hearing, do you think the formal enforcement action was warranted for opening fake accounts? Explain your answer.
• Should the OCC have issued an informal enforcement action for these issues? Why or why not?
• Do you think the OCC caused more damage to Wells Fargo's reputation by issuing the formal enforcement action and the asset growth restrictions? Explain your answer.