The Senate Banking Committee will hold a hearing next week on the aggressive sales tactics by Wells Fargo & Co. employees that led to a $185-million settlement package with federal and state regulators.
The decision by the panel’s chairman, Sen. Richard C. Shelby (R-Ala.), to look into the matter came Monday night just hours after five Democrats on the committee publicly released a letter to him requesting hearings.
“The magnitude of this situation warrants a thorough and comprehensive review,” the lawmakers, led by Sen. Robert Menendez of New Jersey, wrote to Shelby. The five senators requested a committee investigation into the pressure-cooker sales practices, first uncovered by the Los Angeles …READ MORE
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