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Wells Fargo's Stumpf resigns from Fed advisory board


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Wells Fargo's Stumpf resigns from Fed advisory board

Wells Fargo& Co. Chairman and CEO John Stumpf has resigned from anadvisory council to the Federal Reserve, effective Sept. 22.

The resignation comes as Stumpf is dealing with the extensivefallout from an unauthorized account scandal that resulted in $185 million in fines fromregulators.

A Federal Reserve Bank of San Francisco spokespersonannounced Stumpf's resignation in a brief statement.

The Federal Advisory Council consists of one member, oftenfrom commercial banking, for each of the 12 Federal Reserve districts. Itgenerally meets four times a year with the Federal Reserve Board of Governors.

The spokesperson also said a search for Stumpf's successorwill "begin soon" and that members serve one-year terms beginning inJanuary of each year.