It is troubling, given the nature of the scandal and the bank’s failure to correct it, that two Wells Fargo directors are former financial regulators with extensive experience in consumer banking. One is Elizabeth A. Duke, a member of the Federal Reserve Board from 2008 to 2013. She served as chairwoman of the Fed’s committee on consumer and community affairs and also sat on its bank supervision and regulation committee. Ms. Duke joined Wells Fargo’s board in 2015 and is a member of the bank’s credit, finance and risk committees.

Image Elizabeth Duke, a Wells Fargo director and ex-Fed member. Credit... Tami Chappell/Reuters

In its proxy filing, Wells Fargo cited Ms. Duke’s “insight and a unique understanding of risks and opportunities that contribute important risk management experience to the board.”

Cynthia H. Milligan is the other former bank regulator on the Wells Fargo board. A member since 1992, Ms. Milligan was director of banking and finance for the State of Nebraska from 1987 until 1991, responsible for supervising several hundred banks and other financial institutions, the bank said.

Neither director would speak to me for this article.

From the outside looking in, the composition of the Wells Fargo board seems to check all the right boxes. Its 15 members include top corporate executives, former high-ranking United States government officials, an accounting expert and an academic. All are paid well for their work. Last year, directors earned from $279,000 to $402,000.

Wells Fargo is especially proud of its board’s diversity. Ten of the directors are either female, Asian, African-American or Hispanic, the company’s proxy said. Women make up 40 percent of its board, twice that of the typical Standard & Poor’s 500 company.

As is the case at many large companies, Wells Fargo’s chief executive, Mr. Stumpf, is also its board chairman. In that role, he made recommendations on pay to the human resources committee charged with setting compensation for his top lieutenants.

During the last three years, Ms. Tolstedt received compensation worth over $27 million, according to Wells Fargo’s proxy statement. She stepped down in July and was scheduled to retire at the end of the year. That process was accelerated on Tuesday.