Newsroom
September 27, 2016
Wells Fargo CEO testifies tomorrow; Labor Department investigates
Wells Fargo Chairman and CEO John Stumpf will testify on the bank's recent scandal during tomorrow's hearing of the full House Financial Services Committee, set for 10 a.m. Eastern.
The hearing is expected to be similar to last week's Senate Banking Committee hearing, during which Stumpf faced hours of intense grilling and criticism from committee Chairman Richard Shelby, R-Ala., Ranking Member Sherrod Brown, D-Ohio, Sens. David Vitter, R-La., and Elizabeth Warren, D-Mass., and others.
Wells Fargo is facing some $185 million in fines – $100 million of it imposed by CFPB, the largest amount the bureau has ever assessed – over the reported opening of more than 1.5 million unauthorized consumer deposit accounts and more than 500,000 credit cards.
In related news, on Monday, Labor Department Secretary Thomas Perez said he would undertake a "top-to-bottom" review of all complaints and alleged violations received about Wells Fargo in recent years. Perez made the announcement in response to requests from Warren and other Democrats last week for the agency to investigate whether the bank had violated labor laws.
Unrelated to the unauthorized accounts, Wells Fargo this week was also ordered by the U.S. Commodity Futures Trading Commission to pay a $400,000 penalty to settle federal charges relating to physical commodity swaps.
NAFCU President and CEO Dan Berger has addressed the Wells scandal in comments to press and in the Berger Leadership Blog; he posted additional comments on his blog Tuesday. That post, "The collapse of leadership," emphasizes the importance of touting the credit union difference to members and employees.
The hearing is expected to be similar to last week's Senate Banking Committee hearing, during which Stumpf faced hours of intense grilling and criticism from committee Chairman Richard Shelby, R-Ala., Ranking Member Sherrod Brown, D-Ohio, Sens. David Vitter, R-La., and Elizabeth Warren, D-Mass., and others.
Wells Fargo is facing some $185 million in fines – $100 million of it imposed by CFPB, the largest amount the bureau has ever assessed – over the reported opening of more than 1.5 million unauthorized consumer deposit accounts and more than 500,000 credit cards.
In related news, on Monday, Labor Department Secretary Thomas Perez said he would undertake a "top-to-bottom" review of all complaints and alleged violations received about Wells Fargo in recent years. Perez made the announcement in response to requests from Warren and other Democrats last week for the agency to investigate whether the bank had violated labor laws.
Unrelated to the unauthorized accounts, Wells Fargo this week was also ordered by the U.S. Commodity Futures Trading Commission to pay a $400,000 penalty to settle federal charges relating to physical commodity swaps.
NAFCU President and CEO Dan Berger has addressed the Wells scandal in comments to press and in the Berger Leadership Blog; he posted additional comments on his blog Tuesday. That post, "The collapse of leadership," emphasizes the importance of touting the credit union difference to members and employees.
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