Politics

House Launches Investigation Into Wells Fargo

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Juliegrace Brufke Capitol Hill Reporter
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The House Financial Services Committee announced Friday it has launched an investigation into allegations Wells Fargo opened fraudulent, unauthorized accounts to meet sales goals.

Committee Chairman Jeb Hensarling is requesting records and documents pertaining to the sales practices in question no later than Sept. 23, according to his letters sent to Wells Fargo Senior Executive Vice President James Strother, Consumer Financial Protection Bureau Director James Cordray and Comptroller of the Currency Thomas Curry.

“The Committee is very concerned by these serious allegations and is investigating Wells Fargo’s sales practices and corresponding agreements with the Bureau and the Office of the Comptroller of the Currency to evaluate the application, administration, execution, and effectiveness of Federal laws,” the letters read.

In addition to the documents, the committee is requesting four top officials at the bank make themselves available for questioning and called on CEO John Stumpf to testify before Congress later this month.

Wells Fargo received a $185 million fine from the CFPB on Sept. 8 for opening more than a million bank accounts and issuing hundreds of thousands of credit cards to unknowing consumers.

If the information is not provided, Hensarling said the committee will consider using subpoenas to obtain the information necessary to conduct proper oversight into the matter.

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