Wells Fargo CEO John Stumpf was back in Washington, DC, on Thursday to be questioned for a second time by members of Congress.
This time around, the House Financial Services Committee will get the chance to grill Stumpf on the bank’s recent accounts scandal. Last Tuesday, Stumpf spent three hours in front of the Senate Banking Committee.
“We continue to believe that today’s House Financial Services Committee hearing on the Wells Fargo account scandal will be more contentious, lengthy, and unpleasant than last week’s Senate hearing as the nearly 60 members of the House committee stretch to secure their sound bite,” Isaac Boltansky at Compass Point said in a note.
Stumpf will have to answer questions regarding the opening of 2 million bogus accounts by Wells Fargo employees without customers’ knowledge from 2011 to 2015.
The bank was fined $185 million by regulators for the practice.
We’ll be following the hearing live, so scroll down for the latest updates on the hearing (Note: updates are ordered with the most recent first).