Senator Jon Tester Demands Wells Fargo CEO Appear Before His Banking Committee

Senator: It’s Time for Wells Fargo to Answer for a Pattern of Deception and Fraud

(U.S. Senate)- U.S. Senator Jon Tester is calling on Wells Fargo CEO Timothy Sloan to testify before his Senate Committee on Banking, Housing, and Urban Affairs following new reports about the scope and impact of the bank’s predatory and fraudulent practices.

Recent news reports http://www.latimes.com/business/la-fi-wells-insurance-lawsuit-20170731-story.html revealed last year’s fraudulent account scandal went beyond just the opening of additional bank accounts. Wells Fargo signed up customers for unnecessary and unauthorized insurance programs and retaliated against employees who tried to report the fraud.

"Thousands of families have felt the financial consequences of Wells Fargo’s aggressive, predatory, and fraudulent practices and they deserve to see the bank held accountable," Tester said. "In light of these new revelations, we need to know now that Wells Fargo is changing their culture and will make these families whole again."

Tester joined his colleagues on the Banking Committee in urging Chairman Mike Crapo to hold a hearing to address these new concerns.

In September, Tester grilled https://www.tester.senate.gov/?p=press_release&id=4777 then-CEO John Stumpf on the bank’s illegal practices. Tester criticized the actions of Stumpf for jeopardizing the finances of thousands of American families. Stumpf was unable to answer Tester’s questions on how the bank would help repair the credit of folks who were defrauded.

Tester created a portal https://www.tester.senate.gov/?p=press_release&id=4795 on his website so Montanans affected could get help from the Consumer Financial Protection Bureau.

Tester introduced the Justice for Victims of Fraud Act https://www.tester.senate.gov/?p=press_release&id=4884 to protect Wells Fargo customers and ensure they can seek retribution if they had unauthorized accounts opened on their behalf.

Tester’s letter to Chairman Crapo can be found HERE https://www.tester.senate.gov/files/Letters/2017.08.22%20Letter%20to%20Crapo%20re%20Wells%20Fargo%20CEO%20testifying%20before%20banking.pdf