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FNN: Wells Fargo CEO John Stumpf GRILLED by Congress - House Financial Services Committee Hearing
Posted
September 29, 2016
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2:20:54Now PlayingBrought to you by Desert Diamond
WELLS FARGO CHIEF EXECUTIVE JOHN STUMPF THURSDAY WILL FACE A GRILLING FROM BOTH DEMOCRATS AND REPUBLICANS ON THE HOUSE FINANCIAL SERVICES COMMITTEE AFTER THE BANK WAS CHARGED $185 MILLION BY THE CONSUMER FINANCIAL PROTECTION BUREAU.
In September 2016, Wells Fargo was issued a combined total of $185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized. The Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency's five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency. The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted.
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