Wells Fargo CEO John Stumpf is stepping down from a national bank panel, two days after he was grilled during a Senate Banking Committee hearing regarding his company's recent scandal involving opening fake accounts for customers.
Stumpf resigned as the San Francisco bank district's representative to the Federal Advisory Council, effective Thursday. Council members are appointed for one-year terms that begin in January, and meet four times a year with the Fed's board of governors in Washington, D.C.
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