It was about the business that the San Francisco-based bank, led by CEO John Stumpf, dominates. “I have a mortgage with your bank,” Rep. Jeb Hensarling, a Texas Republican, told Stumpf at a hearing Thursday. At a political level, the Wells Fargo case is undermining the case bigger banks are making in Washington as they seek to influence the course of the next administration. “We believe Wells Fargo is bigger than the CEO, notwithstanding a good financial track record during his tenure, and there should be no more excuses for the lack of answers to key questions,” Mayo wrote. Earlier this month, Wells agreed to pay $185 million in fines and restitution to federal regulators after employees opened about 1.5 million accounts customers didn’t want, and perhaps 500,000 undesired credit cards.

Source: Huffington Post October 05, 2016 14:03 UTC