Unauthorized Wells Fargo Accounts

Wells Fargo Chair and CEO John Stumpf appeared before the Senate Banking Committee to discuss his company’s settlement with federal… read more

Wells Fargo Chair and CEO John Stumpf appeared before the Senate Banking Committee to discuss his company’s settlement with federal officials in which Wells Fargo agreed to pay $185 million in fines over fraudulent accounts opened without customers' permission. Senators questioned Mr. Stumpf about the corporate behavior and practices related to over 2 million unauthorized accounts, and which led to the termination of over 5,000 Wells Fargo employees nationwide. Following Mr. Stumpf, regulators, including Consumer Financial Protection Bureau Director Richard Cordray, answered questions about their investigations into Wells Fargo, and what they recommended to not only address wrongdoing within that company, but prevent future abusive practices across the financial services industry. close

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