Barr Admonishes Wells Fargo CEO for Unauthorized Customer Accounts
Congressman Andy Barr (KY-06) today participated in a Financial Services Committee hearing titled, “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Accounts” to question John Stumpf, Chairman and CEO of Wells Fargo. The hearing is the first in the committee’s investigation of Wells Fargo since the company admitted to opening hundreds of thousands of deposit and credit card accounts without customers’ knowledge or consent.
In response to questions from Congressman Barr, Stumpf stated that there are potentially more than 600 Kentuckians impacted by Wells Fargo’s fraudulent practices.
Upon learning of the allegations of fraud against Wells Fargo, Congressman Barr urged Financial Services Committee Chairman Jeb Hensarling to hold hearings on both the fraudulent activities at the bank and the regulatory incompetence that allowed these practices to go unpunished for at least five years.