Merkley Asks SEC to Investigate Wells Fargo Following Senate Inquiry

Sen. Jeff Merkley (left) speaking with Sen. Elizabeth Warren. Both signed a letter urging the SEC to investigate Wells Fargo this week. (photo: Bloomberg)

Reporting from the Wall Street Journal

Three Democratic senators asked the Securities and Exchange Commission to investigate whether Wells Fargo & Co. misled investors and violated whistleblower protections while allegedly engaging in illegal sales practices.

Sens. Jeff Merkley (D., Ore.), Elizabeth Warren (D., Mass.) and Robert Menendez (D., N.J.) wrote a letter to SEC Chairman Mary Jo White urging the regulator to probe further into whether Wells Fargo and its senior officials “violated laws by misleading investors and firing whistleblowers while the bank oversaw the creation of millions of unauthorized, fraudulent accounts.”

A copy of the letter was reviewed by The Wall Street Journal. A Wells Fargo spokesman had no immediate comment. An SEC spokesperson couldn’t be reached for immediate comment.

Wells Fargo paid a $185 million settlement and entered into an enforcement action earlier this month with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Los Angeles City Attorney’s Office after it became clear the San Francisco bank opened as many as 2 million customer accounts with fictitious or unauthorized information.

Read the full story in the Wall Street Journal.

Questions about this story? Contact Eric Horvath: 503.350.2222, ehorvath@nwcua.org.

Posted in Federal, NWCUA.