Congressman Pittenger And House Financial Service Committee To Investigate Wells Fargo

CHARLOTTE, N.C. — Congressman Robert Pittenger and House Financial Services Committee Chairman Jeb Hensarling have announced an investigation in to the alleged fraud by Wells Fargo.

Pittenger and other regulators are seeking documents and communications from Wells Fargo, the Consumer Financial Protection Bureau, and the Office of the Comptroller of the Currency regarding unauthorized customer accounts that were created at Wells Fargo.  They are also seeking transcribed interviews with specific Wells Fargo executives.

“Wells Fargo is vital to Charlotte’s economy, and we appreciate the positive contributions of Wells Fargo employees in our community.  However, the serious allegations of fraudulent accounts warrant oversight from the House Financial Services Committee.  We must review documents and communications to clarify the facts and ensure that additional procedures are in place as required to prevent any opportunity for fraud,” said Congressman Pittenger.  “Washington bureaucrats should also be held accountable in their role as a watchdog for the American people.”

Wells Fargo was fined $185 million in civil penalties after acknowledging that employees opened more than two million unauthorized consumer accounts since 2011.  Many of the accounts incurred fees and employees illegally transferred money from existing accounts to the fake accounts with out customer consent.   Over 5,300 employees have been fired for their roles in the fraudulent activity.