The act, created by Congress in 1977, requires banks to make loans in the communities where they do business, including low- and moderate-income neighborhoods.
In the wake of the scandal, Democratic politicians like House Financial Services Chair, Maxine Waters, have openly criticised the CEO.
"... Wells Fargo's ongoing lawlessness and failure to right the ship suggest the bank, with approximately $1.9 trillion in assets and serving one in three United States households, is simply too big to manage".
But those queries on Wells Fargo's financing of private prisons and oil pipelines, businesses the bank has previously said it would pull back from, failed to land a major blow.
"The past few years have represented a hard chapter in Wells Fargo's storied history", Sloan, 58, said in prepared remarks. The bank has almost $2 trillion in assets, more than 260,000 employees and 70 million customers.
Still, some Republican lawmakers acknowledged the bank's efforts, with representative Sean Duffy saying that his colleagues had been too harsh on the CEO.
Meanwhile, lawmakers suggested regulators and other authorities should be harder on the firm, potentially forcing out more executives or bringing criminal charges.
Tensions also flared as Democrats including Carolyn Maloney of NY and Ayanna Pressley of MA demanded Wells Fargo stop providing financial services to the National Rifle Association and firearms companies.
Wells Fargo options prices imply a 1.6 percent move in the share price by the end of this week, according to data compiled by Bloomberg.
"I don't know how to answer that question because we weren't", Sloan replied flatly. He said it isn't up to banks to enforce legislation that doesn't exist.
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The hearing is probably a preview of what is expected to be tough oversight of the country's biggest banks by Waters, who has been critical of the Trump administration and Republicans for loosening banking regulations.
Sloan, who made $60.4 million working for the bank before the fake-account scandal broke in 2016, has been saying this kind of thing for years now. He said that the company had made changes to corporate policy that would prevent future misdeeds "as best we can".
Asked about the report, Sloan said it was "inaccurate".
"With all of this experience, the length of time you have been there and the roles that you have played, you have not been able to keep Wells Fargo out of trouble, you keep getting fined", Walters told Sloan. They're planning a series of sessions this year to examine big banks and may call in other CEOs in coming months. "Why should Wells Fargo continue to be the size that it is?"
That matter involved Wells employees opening as many as 3.5 million deposit and credit card accounts without customer permission to meet aggressive sales goals.
Such abuses caused the Federal Reserve to impose an unprecedented cap on Wells Fargo's growth a year ago, a restriction that remains in effect.
He declined however to give the committee confidential information on the progress of the bank's various remediation efforts, and firmly rebuffed claims by Waters that the bank should be broken up.
Rep. Patrick McHenry, R-N.C., asked the executive how many federal consent orders exist against the company: 14.
"I'm concerned that we don't know with certainty how many customers were affected, what business lines were implicated and the full extent of the damage", said McHenry.