Democrats want to haul Wells Fargo executives in front of Congress once again.
Democrats on the House and Senate panels with oversight of finance called on their Republican counterparts Tuesday to hold hearings on the latest bad news for the megabank's customers. In part, the Democrats want to highlight banks' misdeeds to defend against the Republican effort to stop a new rule that would ease class-action lawsuits against banks.
Former Wells Fargo CEO John Stumpf testified before Congress last fall in the bank's fake accounts scandal, for which he was eventually forced to leave.
Since then, however, enough new information has come to light about Wells Fargo's treatment of customers to justify bringing the new leadership in to be grilled, Democrats argued, citing, in particular, the recent news that the bank charged 800,000 customers for auto insurance they did not need.
"There have been seemingly never-ending developments about additional customers who have been harmed in a number of ways by the bank that clearly warrant committee scrutiny," wrote Democratic Reps. Maxine Waters of California, Dan Kildee of Michigan and Al Green of Texas in a letter to House Financial Services Committee Chairman Jeb Hensarling Tuesday.
All the Democrats on the Senate Banking Committee similarly called on Chairman Mike Crapo of Idaho to hold a hearing with Wells Fargo CEO Timothy Sloan and Chairman Stephen Sanger.
Sen. Elizabeth Warren, D-Mass., a member of the committee, renewed her call last week for Federal Reserve Chairwoman Janet Yellen to remove the members of Wells Fargo's board of directors who oversaw the bank during the time that it created millions of unwanted accounts for its customers.