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Wells Fargo CEO resigns from federal bank panel after wide-scale fraud

By Amy R. Connolly
Wells Fargo CEO resigns from federal bank panel after wide-scale fraud
Wells Fargo CEO John Stumpf, seen here in 2009, resigned from the Federal Reserve Bank of San Francisco's advisory council. Photo by Roger L. Wollenberg/UPI | License Photo

WASHINGTON, Sept. 23 (UPI) -- Wells Fargo CEO John Stumpf, under fire following disclosures employees created some 1.5 million bank accounts without customer authorization, stepped down as district representative to a federal banking advisory panel.

Stumpf said it was a personal decision to resign from the Federal Advisory Council, a group of 12 bankers that consults with and advises the Federal Reserve System's board of governors on economic and banking matters. Stumpf represented the 12th district.

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On Tuesday, Stumpf, 63, appeared before the Senate Banking Committee, coming under fire for failing to stop employees from opening unauthorized bank accounts in an effort to meet sales targets. The bank has since fired thousands of employees and agreed to pay a $185 million fine.

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