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20, 2016, file photo, Senate Banking Committee member Sen. Elizabeth Warren, D-Mass., questions Wells Fargo Chief Executive Officer John Stumpf on Capitol Hill in Washington. Warren is leading a new eff... .
Legislation introduced by two Democratic lawmakers on Thursday would allow Wells Fargo & Co. customers to go to court, instead of private arbitration, to resolve claims about accounts opened without authorization, according to a media release.
Wells Fargo & Co. wants a federal court judge in Utah to order that customers suing the banking giant over improper sales practices submit their claims to binding arbitration.
The Massachusetts crusader has fired off a letter to Wells Fargo's auditor KPMG asking why it didn't catch onto the widespread fraud at the bank. KPMG: "We have received the letter and are currently reviewing it.
Sen. Elizabeth Warren, D-Mass., and Sen. Bob Menendez, D-N.J., penned a letter to the Wells Fargo & Co. board of directors expressing concerns over the retirement compensation for former Chairman and CEO John Stumpf and the promotion of Timothy Sloan as the new CEO.
Wells Fargo's earnings slipped in the third quarter, the bank said Friday, as the banking giant started dealing with the aftermath of a sales practices scandal that has consumed it in recent weeks. Wells said it earned $5.6 billion, or $1.03 per share, compared with $5.8 billion, or $1.05 per share, in the same period a year earlier.
Sheila Bair, former FDIC chair, comments on John Stumpf stepping down as chief executive officer and chairman of Wells Fargo. She speaks during an interview with Bloomberg's Vonnie Quinn and David Gura on "Bloomberg Markets."
Wells Fargo's embattled CEO John Stumpf is stepping down as the nation's second-largest bank is roiled by a scandal over its sales practices. The San Francisco bank said Stumpf is retiring effective immediately and also relinquishing his title as chairman.
The incredible moment a quick-thinking hotel manager saves a dog as its leash becomes trapped in an elevator going up BREAKING NEWS - 'His hands where everywhere... he was like an octopus': THREE women come forward to claim Donald Trump 'touched them inappropriately' Teenage 'Fuhrer' of neo-Nazi Facebook page where high school students talked about 'hanging Jews on trees' commits suicide 'to show allegiance to the group' EXCLUSIVE: Derrick Rose refuses to hand over details of his NBA contract and $185 million Adidas deal to the woman suing him for rape UNLESS he is found liable for alleged sexual assault Wells Fargo CEO John Stumpf retires effective immediately in wake of scandal over bank's sales practices and will receive NO severance Why diet soda is NOT better than regular soda: Low-calorie drinks 'just as likely to cause obesity and heart disease by manipulating your brain' ... (more)
Stumpf will forfeit $41 million in stock awards and won't receive any severance pay, but his departure has done little to quell lawmakers' anger with America's second-largest bank. In this Thursday, Sept.
New Jersey Representative Scott Garrett praised Edward Durfee, the regional coordinator for New Jersey Oath Keepers, at an October gathering. Representative Scott Garrett, a Republican from New Jersey, questions John Stumpf, chief executive officer of Wells Fargo & Co., not pictured, during a House Financial Services Committee hearing in Washington on Sept.
Sen. Sherrod Brown, D-Ohio, said Monday he plans to push legislation that would allow Wells Fargo & Co. customers to sue the bank over unauthorized accounts opened by employees trying to meet aggressive sales quotas.
Wells Fargo may have gone out if its way to take senior citizens to the cleaners when the bank's workers fraudulently opened as many as 2 million accounts without customers' permission. That's the suspicion of Democratic Sen. Claire McCaskill of Missouri and Republican Sen. Susan Collins of Maine, the top members of the Senate Special Committee on Aging.
Wells Fargo chief executive John Stumpf offered more apologies and excuses Thursday during his appearance before the House Financial Services Committee. REUTERS/Gary Cameron For the second time this month, Wells Fargo chief executive John Stumpf was greeted with a barrage of hostile questions from members of Congress, when he testified Thursday before the House Financial Services Committee about the bank's phony-account affair.
"Late Show" host Stephen Colbert on Wednesday detailed the fallout at San Francisco-based bank, Wells Fargo, which accrued $185 million in regulatory fines earlier this month after opening "roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by customers," according to The New York Times . Wells CEO John G. Stumpf testified before the Senate Banking Committee last Tuesday and received an earful from Massachusetts Senator Elizabeth Warren.
Federal Reserve chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank's regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest. At a house of representatives financial services committee hearing, Yellen also provided details on the changes the central bank is considering making to the annual stress tests it gives US banks.
The unwanted accounts created by Wells Fargo & Co. employees trying to hit aggressive sale goals have already forced the bank to provide some 100,000 customers with refunds averaging $25 for fees and other expenses.
Wells Fargo CEO John Stumpf, is sworn in before testifying at a Senate Banking, Housing, and Urban Affairs hearing in Dirksen Building, Sept. 20, 2016, on the company's unauthorized accounts opened under customers' names.
Facing bipartisan outrage from a Senate panel over accusations of employee misconduct, Well Fargo CEO John Stumpf appeared taken aback by the intensity of the verbal lashing. At a few points, he seemed flustered and stumbled a bit over his words.
Wells Fargo Chief Executive Officer John Stumpf prepares to testify on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee.