Wells Fargo CEO John Stumpf will testify before the Senate banking committee on Sept. 20 as part of the ongoing fallout from a scandal in which, federal regulators said, bank employees created more than 2 million fake accounts since 2011.
CNNMoney reports that a spokesperson for the bank said Stumpf has accepted the committee’s invitation to testify. "We are prepared to provide the committee with information on this matter and to discuss steps we have taken to affirm our commitment to customers," the Wells Fargo spokesperson said.
Sen. Elizabeth Warren and four her Democratic colleagues in the U.S. Senate wrote a letter earlier in the week demanding the committee hold immediate hearings on the matter.
"This was a staggering fraud," Warren told CNN last week, adding that she's skeptical Wells Fargo management was unaware of illegal activity of this scale.
"Come on...this went on for years and they didn't smell anything in the air about fake accounts?," she said.