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September 12, 2016
Wells Fargo hearing set for Sept. 20
The Senate Banking Committee has plans to question Wells Fargo Chairman and CEO John Stumpf during a Sept. 20 hearing about the bank's creation of millions of phony bank and credit card accounts in order to boost sales, according to reports.
Yesterday, five Democratic members of the Senate Banking Committee asked for immediate hearings to investigate Wells Fargo's actions. The letter urged Senate Banking Committee Chairman Richard Shelby, R-Ala., to schedule hearings and call as witnesses Stumpf, Los Angeles County Attorney Mike Feuer, CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry. The letter, led by Sen. Bob Menendez, D-N.J., was also signed by Sens. Sherrod Brown, D-Ohio, Jack Reed, D-R.I., Elizabeth Warren, D-Mass., and Jeff Merkley, D-Ore.
Last week, Wells Fargo was ordered to pay a total of $185 million – including a $100 million fine from CFPB, the largest fine set ever by the bureau – for allegedly secretly opening more than 1.5 million unauthorized consumer deposit accounts and more than 500,000 credit cards for consumers to boost sales figures.
"The magnitude of this situation warrants a thorough and comprehensive review," the letter stated. "As members of the Senate committee of jurisdiction, we should undertake prompt action to fully investigate the cause, scope, and impact of this event, as well as understand and consider implementing any lessons learned."
NAFCU President and CEO Dan Berger said Wells Fargo's actions were "flat-out fraud" and that this scandal highlights what is different about credit unions. Berger also wrote a special blog post Friday on the Berger Leadership Blog sharing his views on the situation.
Yesterday, five Democratic members of the Senate Banking Committee asked for immediate hearings to investigate Wells Fargo's actions. The letter urged Senate Banking Committee Chairman Richard Shelby, R-Ala., to schedule hearings and call as witnesses Stumpf, Los Angeles County Attorney Mike Feuer, CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry. The letter, led by Sen. Bob Menendez, D-N.J., was also signed by Sens. Sherrod Brown, D-Ohio, Jack Reed, D-R.I., Elizabeth Warren, D-Mass., and Jeff Merkley, D-Ore.
Last week, Wells Fargo was ordered to pay a total of $185 million – including a $100 million fine from CFPB, the largest fine set ever by the bureau – for allegedly secretly opening more than 1.5 million unauthorized consumer deposit accounts and more than 500,000 credit cards for consumers to boost sales figures.
"The magnitude of this situation warrants a thorough and comprehensive review," the letter stated. "As members of the Senate committee of jurisdiction, we should undertake prompt action to fully investigate the cause, scope, and impact of this event, as well as understand and consider implementing any lessons learned."
NAFCU President and CEO Dan Berger said Wells Fargo's actions were "flat-out fraud" and that this scandal highlights what is different about credit unions. Berger also wrote a special blog post Friday on the Berger Leadership Blog sharing his views on the situation.
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