Wells Fargo’s CEO to Face Senate Panel in Cross-Selling Scandal
- Step taken after CFPB fines bank for creating fake accounts
- Senate’s banking panel asks that CEO Stumpf appear to testify
Wells Fargo Fined $185 Million for Phony Accounts
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Wells Fargo & Co. Chief Executive Officer John Stumpf was asked to testify in Washington on the bank’s alleged misconduct after it agreed to pay fines over claims that it opened more than 2 million unauthorized accounts. The lender instructed workers in U.S. call centers to temporarily halt cross-selling of financial products.
The Senate Banking Committee plans to hold a hearing Sept. 20 on Wells Fargo, following last week’s enforcement case in which regulators accused bank employees of opening deposit and credit-card accounts without customer approval to meet sales goals. Stumpf is among executives who’ve been asked to appear, a spokeswoman for the committee said Monday.