Federal Reserve Chairwoman Janet Yellen told a House Financial Services Committee hearing that the regulator has launched a probe into all of the largest banking organizations of their compliance regimes in the wake of the recent Wells Fargo enforcement.
The announcement came as one Democratic representative pushed Yellen to break up Wells Fargo, saying too big to fail was too big to exist.
As the Financial Services Committee prepares to host Wells Fargo CEO John Stumpf on Thursday, read on for details of Yellen’s appearance and her reaction to the Wells Fargo actions.