CEO Says Wells Fargo Has Transformed After Scandals; Lawmakers Are Skeptical

Wells Fargo has undergone a radical transformation since it was mired in scandals that resulted in billions of dollars in penalties and fines, the bank's CEO, Tim Sloan, told lawmakers Tuesday.

But House Financial Services Committee Chairwoman Maxine Waters, D-Calif., did not appear to believe him. She called Wells Fargo "a recidivist financial institution."

"Wells Fargo's ongoing lawlessness and failure to right the ship suggests the bank — with approximately $1.9 trillion in assets and serving one in three U.S. households is simply too big to manage," Waters said.

Sloan faced hours of aggressive questioning and . They also pressed Sloan to account for a recent report that unethical practices persist with the bank's debt collection and mortgage origination.