WASHINGTON–Four hearings before Congress will have the attention of credit unions this week.
As CUToday.info reported here, Wells Fargo CEO John Stumpf will again testify before a committee, this time on Thursday before the Financial Services Committee, where he is expected to once again be grilled.
Since the Senate hearing, eight Democratic senators have asked the Labor Department to launch a probe into whether Wells Fargo may have violated wage and working hour laws by failing to pay overtime to tellers and sales representatives who stayed late to meet sales quotas.
In addition, on Wednesday, Federal Reserve Chair Janet Yellen will also testify before the House Financial Services Committee regarding the Fed’s role in bank supervision and regulation.
NAFCU pointed to two other hearings it will be monitoring:
- A hearing today by the House Financial Services Committee will examine legislative proposals to address consumer access to mainstream banking services.
- Separately today, the Senate Commerce, Science, and Transportation Committee will hold an oversight hearing on the Federal Trade Commission.