WASHINGTON—The House Financial Services committee plans to hold a hearing Sept. 29 on the sales practices of Wells Fargo. Wells Fargo CEO John Stumpf has been invited to testify.
As CUToday.info has extensively reported, regulators have fined Wells Fargo $185 million for the bank creating more than one-million fraudulent accounts.
The House hearing follows the Senate’s grilling of Stumpf last week over the bank’s sales practices, with Sen. Elizabeth Warren (D-MA) calling Stumpf "gutless" and told the CEO it was time to step down.
During the Senate hearing, several senators focused questioning on when Stumpf first learned about the employee misconduct that eventually led to $185 million in fines from regulators, However, as CUToday.info reported, Stumpf failed to provide detailed answers.