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Wells Fargo CEO to Testify to Senate Banking Committee

Tue 26 Sep, 2017  /  by   /   Client Alerts

09/26/17 – On October 3, 2017, Wells Fargo CEO Tim Sloan is scheduled to testify before the Senate Banking Committee about its unauthorized account scandal that was revealed last year.

The hearing, titled “Wells Fargo: One Year Later,” was announced last week and will feature Sloan as its only witness. The hearing is scheduled after 11 Democratic committee members urged their Republican colleagues to hold hearings to obtain updates on the scandal.

In a letter to Committee Chairman Mike Crapo, the Democrats pointed to new developments since the Wells Fargo hearing last year as the reason for needing an additional hearing. Some of developments cited by Democrats include:

  • Wells Fargo revealing that potentially more customers may be affected by the unauthorized account scandal than was previously disclosed.
  • Wells Fargo disclosing that it signed customers up for insurance products and deducted monthly premium fees without authorization.
  • Reports that Wells Fargo retaliated against employees who attempted to report the opening of unauthorized accounts.

Along with a letter to Chairman Crapo, several Democratic members also sent a letter to Sloan and Wells Fargo Board Chairman Stephen Sanger containing 13 questions about reports that Wells Fargo charged customers for lender-placed auto insurance when those customers had their own auto insurance policies.

At the same time, senior Democratic members of the House Financial Services Committee also wrote a letter to Committee Chairman Jeb Hensarling asking for a public hearing with Sloan and Sanger. The House has not, at this time, announced a hearing for Sloan and Sanger.

The Senate Banking Committee hearing will take place on October 3, 2017, at 10 a.m.

Senate Banking Committee Announcement; Letter to Chairman Crapo; Letter to Chairman Hensarling; Letter to Sloan.