In February 2018, then-Ranking Member Waters applauded the Federal Reserve Board's announcement that it will restrict the growth of Wells Fargo until it sufficiently improves its governance and control, and replace its board members. In September 2017, then-Ranking Member Waters released a Democratic staff report detailing a pattern of abusive business practices by Wells Fargo and finding that prudential regulators have not utilized the full extent of their authorities to end unlawful practices at megabanks like Wells Fargo. In August 2017, then- Ranking Member Waters and other Committee Ranking Members wrote to former Committee Chairman Jeb Hensarling requesting a public hearing to review the ongoing violations of consumer rights by Wells Fargo.