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.


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?”

All of the Democrats on the Senate Banking Committee sent the letter to Stumpf: Sherrod BrownSherrod Campbell BrownWaters hopes there's no attempt to make deep cuts to housing proposal America can end poverty among its elderly citizens Senate GOP signals they'll help bail out Biden's Fed chair MORE of Ohio, Jack ReedJack ReedSenators ask Biden administration to fund program that helps people pay heating bills LIVE COVERAGE: Senators press military leaders on Afghanistan Top Republican: General told senators he opposed Afghanistan withdrawal MORE of Rhode Island, Chuck SchumerChuck SchumerFixing Congress requires fixing how it legislates Beware the tea party of the left Bottom line MORE of New York, Robert MenendezRobert (Bob) MenendezWhy is Trump undermining his administration's historic China policies? Senate GOP signals they'll help bail out Biden's Fed chair Democrats weigh changes to drug pricing measure to win over moderates MORE of New Jersey, Jon TesterJonathan (Jon) TesterGOP blocks Senate Democrats' revised elections bill The Hill's Morning Report - Presented by Uber - Democrats optimistic after Biden meetings Progressives see budget deal getting close after Biden meeting MORE of Montana, Mark WarnerMark Robert WarnerThe Hill's 12:30 Report - Presented by Altria - Biden holds meetings to resurrect his spending plan Democrats feel high anxiety in Biden spending conflict Biden meets with Jayapal to kick off week of pivotal meetings MORE of Virginia, Jeff MerkleyJeff MerkleyGOP blocks Senate Democrats' revised elections bill Emanuel defends handling of Chicago police shooting amid opposition to nomination Paris Hilton takes to Capitol Hill to advocate for troubled teen care reform MORE of Oregon, Elizabeth WarrenElizabeth WarrenOn The Money — Democrats eye tough choices as deadline looms Under pressure, Democrats cut back spending Progressives push back on decision to shrink Biden's paid family leave program MORE of Massachusetts, Heidi HeitkampMary (Heidi) Kathryn HeitkampWashington's oldest contact sport: Lobbyists scrum to dilute or kill Democrats' tax bill Progressives prepare to launch counterattack in tax fight Business groups aim to divide Democrats on .5T spending bill MORE of North Dakota, and Joseph Donnelly of Indiana.

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.

See more exclusive content policy and regulatory news on our subscription-only service, The Hill Extra