Democrats press Wells Fargo CEO for more answers on scandal

Senate Democrats are demanding new information from Wells Fargo chief executive officer John Stumpf over the controversial opening of fake accounts at his bank.

Ten lawmakers on the powerful Senate Banking Committee sent a letter to Stumpf asking for information. Banking held a hearing last week where members of both parties grilled Stumpf over the scandal.

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The 58 questions include at least 20 inquiries that Stumpf was unable to answer at the hearing, or promised to provide additional information on, and additional queries following his testimony.

Unanswered questions.

The inquiries spanned the topics of employee policies, sales practices, consumer harm, credit scores, and executive compensation, as well as the timeframe and scope of wrongdoing. 

The questions included: “What steps will Wells Fargo take to ensure that customers with fraudulent accounts created before 2009 are compensated?” and “What bonuses did Wells Fargo pay to regional and branch managers for successful […] cross-selling numbers?”

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Aftermath of a scandal.

The Labor Department this week launched a review of practices at Wells Fargo after several of the same Democrats sent a letter to the agency urging it to investigate whether the company violated wage laws by failing to pay workers overtime for staying late to meet sales quotas.

After lawmakers called for Wells Fargo to claw back executive compensation over the scandal, the company announced this week that Stumpf agreed to forfeit $41 million of his pay.

Wells Fargo fired 5,300 employees after it agreed to a $185 million settlement with regulators this month. Investors and former workers have filed separate lawsuits against the bank.

Stumpf faces more questions at a House Financial Services Committee hearing tomorrow.

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