Wells Fargo drumbeat grows louder. House launches investigation

NEW YORK (CNNMoney) – Wells Fargo’s headaches are quickly piling up. The bank is now facing an investigation and hearing from the powerful House Financial Services Committee over the opening of millions of fake accounts.

The chairman of the committee, Rep. Jeb Hensarling, revealed it is launching an investigation and said Wells Fargo CEO John Stumpf will be called on to testify at a hearing later this month.

Additionally, the House Financial Services Committee sent a letter to Wells Fargo requesting documents related to the bank’s controversial sales tactics and that corporate officers be made available for transcribed interviews.

“The Committee is very concerned by these serious allegations and is investigating Wells Fargo’s questionable sales practices,” a letter signed by Hensarling to Wells Fargo reads.

The potential for a House hearing on Wells Fargo was signaled earlier on Friday by Rep. Maxine Waters, a Democrat from California, where the bank is based.

Read on.


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