Wells Fargo CEO John Stumpf says "there's no merit" to yesterday's call by House Democrats for a...

|By:, SA News Editor

Wells Fargo CEO John Stumpf says "there's no merit" to yesterday's call by House Democrats for a Justice Department investigation into possible collusion by the big banks to raise debit card fees and other monthly charges. "The economics of the business have changed due to regulatory and legislative reform," Stumpf says, and the new debit card fees are merely "a test to see how we can best deal with these changes." (video)