This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Wells Fargo Boss Talks Bank Fees, Economy, Taxes

â¿¿You've been pretty outspoken against some of the new government regulations imposed on the banking industry.

I'm not against regulation. I like good, effective regulation. What I worry about are the unintended consequences of well-intended people who pass laws that make it harder to lend money, make it more difficult for consumers and small businesses and large businesses to get credit.

â¿¿You said, for example, that you were worried about possible new rules on remittances, when bank customers send money to relatives in their home countries. Tell us about that. (The government is proposing rules that would require companies to give customers more detail about the expected fees and taxes, and to make sure the correct person picks up the money on the other end.)

So a customer brings $200 in, says, 'I want to wire this money to Mexico,' 'I want to send it to Vietnam,' 'I want to send it to Cambodia,' wherever they want to send it to. We do that every day at a great bargain for the customer. (But) the rules are so archaic and difficult to comply with that we might have to exit some businesses and not serve customers. That's what I worry about.

That's just one small example. That's a small business. Wait until they opine on mortgages, which is a big business.

â¿¿You were outspoken against the idea of a standalone Consumer Financial Protection Bureau when it was proposed. What do you think of the job they've done so far?

These are good people, and they've been asked to do an impossible job. I hope they get it right.

â¿¿What do you think about their putting the complaints against your bank and others on the Internet?

You know, we talk to our customers every day. If that's the best way for them to make that information available, that's up to them.

Stock quotes in this article: BAC, WFC 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,424.85 +162.29 1.00%
S&P 500 1,862.31 +19.33 1.05%
NASDAQ 4,086.2250 +52.0640 1.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs