Wells Fargo told Dodd Frank Update that business accounts which might have been fraudulently opened without authorization were contained to the bank’s retail banking unit.
But after a call from Sen. David Vitter (R-La.) and Rep. Steve Chabot (R-Ohio) for a federal investigation, the bank said it was ready to work with officials and agencies “to address requests in a timely manner.”
In other news, a Charlotte newspaper and a Texas businessman suggested the fraudulent activities could have occurred in the Wells Fargo Advisors business unit as well, while House Democrats asked federal regulators to strengthen clawback rules in light of Wells Fargo’s activities.