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3 Democratic senators call for SEC to probe Wells Fargo

ThreeDemocratic Senators — Jeff Merkley of Oregon, Elizabeth Warren ofMassachusetts, and Robert Menendez of New Jersey — called for the SEC toinvestigate Wells Fargo &Co., The Wall Street Journal reportedSept. 29.

In a letterto SEC Chairman Mary Jo White, the senators urged the regulator to investigatethe bank and its senior officials to find out if they misled investors andviolated whistleblower protections while the bank's sales practices went on, accordingto the report.

Regulatorsfined the large-cap $185million for secretly opening unauthorized deposit and credit cardaccounts early September, and the bank is currently being sued by , , and .

The U.S.Department of Labor has also launched a review of the bank's labor practices, inresponse to a request from a group of senators, including Merkley, Warren, andMenendez. The bank's independent directors have also begun an into its retailbanking sales practices.