In a Congressional report released on Wednesday, the Majority Staff of the House Committee on Financial Services detailed findings from its yearlong investigation into Wells Fargo’s adherence to financial regulations, finding that the company has failed to comply. The report also looked to identify policy solutions to help protect consumers from recidivist banks.

The committee staff found that financial regulators knew about deficiencies at Wells Fargo for years without alerting the public to its non-compliance. Further, after the consumer abuses became public, the board failed to ensure that management could competently address the risk management deficiencies. Specifically, the board failed to ensure that managers had sufficient compliance expertise, and outsourced compliance to consultants.

In addition to the knowledge of the deficiencies and insufficient compliance tools, Wells Fargo prioritized financial considerations over fixing the issues identified by regulators. The board did hold senior management accountable for failing to meet regulator’s expectations, and former CEO Tim Sloan gave inaccurate testimony during the March 2019 Committee Hearing.

Committee staff’s investigation has exposed how an institution the size of Wells Fargo can pose a risk to the financial well-being of millions of consumers because of its lack of an adequate compliance management infrastructure and inability to hold itself accountable.

The report detailed policy recommendations to Congress, requesting that Congress require greater transparency regarding bank supervision and how banks treat consumers.