House Financial Services Committee Hearing on Wells Fargo

September 29, 2016

On September 29, 2016, Wells Fargo CEO and Chairman John Stumpf returned to Capitol Hill for a hearing before the House Financial Services Committee Thursday, nearly a week and a half after his testimony before the Senate Banking Committee.  The hearing, entitled “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts,” featured testimony from Mr. Stumpf and provided committee members the opportunity to question him about the company’s activities.  Similar to last week’s Banking hearing, the Financial Services Committee hearing exposed the outrage of Members of Congress about Wells Fargo’s fraud and the inability of Mr. Stumpf to quell their displeasure.  While Mr. Stumpf demonstrated greater preparation to answer questions about victims in each state and could point to the clawback of his salary as an example of his accountability, Members of Congress were relentless in their reprimands and demands for further investigation and speedy and appropriate recourse for customers. 

To learn more, read CBA’s detailed summary from this hearing.