Senate to hold hearing on Wells Fargo’s aggressive sales tactics

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 Times in 2013, that pushed thousands of Wells Fargo employees to open as many as 2 million accounts that customers never wanted.

Read more in the LA Times.