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September 22, 2016
House panel to hold Wells Fargo hearing Sept. 29
The House Financial Services Committee plans to hold a hearing Sept. 29 on Wells Fargo's creation of more than 1.5 million unauthorized consumer deposit accounts and 500,000-plus credit card accounts.
Wells Fargo will pay some $185 million in fines – $100 million of it imposed by CFPB, the largest amount the bureau has ever assessed – due to this activity, also being looked at by the FBI and Justice Department.
John Stumpf, Wells Fargo's chairman and CEO, faced hours of intense grilling and criticism during a Senate Banking hearing earlier this week. The San Francisco Fed announced Thursday that Stumpf has resigned from an advisory panel to the Federal Reserve.
The bank's scandal invoked numerous comments from speakers throughout NAFCU's Congressional Caucus this week, with lawmakers stepping up to the podium to discuss the good relationship credit unions have with their members and their support for the member-owned cooperatives.
Ahead of Tuesday's Senate Banking Committee hearing on Wells Fargo's actions, NAFCU President and CEO Dan Berger said in a statement: "Credit unions – not-for-profit, member-owned financial cooperatives – have been widely recognized for not causing the financial crisis and for their prudent business model. We ask our lawmakers and regulators to keep in mind the critical difference of credit unions and the valuable services they provide to nearly 105 million Americans."
Also next week, Federal Reserve Chair Janet Yellen will testify before the House Financial Services Committee Wednesday. The Federal Open Market Committee said this week that it is leaving the federal funds target rate unchanged at a range of 0.25 to 0.5 percent but that "the case for an increase in the federal funds rate has strengthened."
Wells Fargo will pay some $185 million in fines – $100 million of it imposed by CFPB, the largest amount the bureau has ever assessed – due to this activity, also being looked at by the FBI and Justice Department.
John Stumpf, Wells Fargo's chairman and CEO, faced hours of intense grilling and criticism during a Senate Banking hearing earlier this week. The San Francisco Fed announced Thursday that Stumpf has resigned from an advisory panel to the Federal Reserve.
The bank's scandal invoked numerous comments from speakers throughout NAFCU's Congressional Caucus this week, with lawmakers stepping up to the podium to discuss the good relationship credit unions have with their members and their support for the member-owned cooperatives.
Ahead of Tuesday's Senate Banking Committee hearing on Wells Fargo's actions, NAFCU President and CEO Dan Berger said in a statement: "Credit unions – not-for-profit, member-owned financial cooperatives – have been widely recognized for not causing the financial crisis and for their prudent business model. We ask our lawmakers and regulators to keep in mind the critical difference of credit unions and the valuable services they provide to nearly 105 million Americans."
Also next week, Federal Reserve Chair Janet Yellen will testify before the House Financial Services Committee Wednesday. The Federal Open Market Committee said this week that it is leaving the federal funds target rate unchanged at a range of 0.25 to 0.5 percent but that "the case for an increase in the federal funds rate has strengthened."
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