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Lawmakers demand answers from Wells Fargo on military lending

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Lawmakers demand answers from Wells Fargo on military lending

Elevenlawmakers called on Wells Fargo& Co. to "step up" compliance with the ServicemembersCivil Relief Act.

After theU.S. Justice Department and the OCC fined the bank $24.1 million for alleged violationsof the act, the senators, led by Richard Blumenthal, D-Conn.; Jack Reed,D-R.I.; and Sherrod Brown, D-Ohio, sent a letter to Wells Chairman and CEO JohnStumpf dated Oct. 5, questioning the bank's commitment to the well-being ofservice members in compliance with the legislation.

Thesenators asked the bank to answer a number of questions, including when itbecame aware of the violations, how many servicemembers were affected, and howmany times it has violated the act.

Thelawmakers requested a response by Oct. 27.