House lawmakers heap blistering criticism on Wells Fargo CEO

WASHINGTON (AP) — Angry lawmakers heaped another round of blistering criticism on Wells Fargo's CEO, pressing Thursday for details about what senior managers knew about allegedly illegal sales practices and when any concerns were disclosed.

Chief Executive John Stumpf, newly stripped of tens of millions in compensation, told the House Financial Services Committee that the bank is expanding its review of accounts and will evaluate executives' roles.

[...] as during the grilling he received last week from a Senate panel, Stumpf remained on the defensive.

Several lawmakers, both Republican and Democrat, alleged that Wells Fargo's sales practices may have violated federal laws, including the federal racketeering laws, which would constitute a criminal offense.

U.S. and California regulators have fined San Francisco-based Wells Fargo $185 million, saying bank employees trying to meet sales targets, opened up to 2 million fake deposit and credit card accounts without customers' knowledge.

Regulators said they issued and activated debit cards, and signed people up for online banking without permission.

Members of Congress also pushed Stumpf on when he informed Wells Fargo's board about the sales practice scandal, and whether Wells may have violated Securities and Exchange Commission regulations by not informing investors.

The consumer banking giant, which is also the biggest U.S. mortgage lender, fired about 5,300 employees starting in 2011 in connection with the sales practices.