Fed nominees slam Wells Fargo for consumer abuses and indicate bank's growth cap will be tough to lift

“Just based upon the news accounts, which of course is all I have to go on, the activities of Wells Fargo in this domain are egregious and unacceptable and I was as shocked as anyone to read about it in the newspaper,” said economist Richard Clarida, the nominee to be vice chairman of the Fed, at a Senate Banking Committee hearing.