In preparation for hearings next week, a House committee has released a staff report on its yearlong investigation of Wells Fargo & Co., ripping the bank for failing to implement required compliance measures and the board for not holding any executive accountable.

In a statement accompanying the report, Rep. Maxine Waters, D-California, calls Wells Fargo “a reckless megabank with an ineffective board and management that has exhibited an egregious pattern of consumer abuses.” Waters is chairwoman of the House Financial Services Committee, which released the report.

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