Bloomberg News

Durbin Asks Wells Fargo to Explain New Debit Card Fee

October 19, 2011

(Corrects Stumpf’s first name in first paragraph.)

Oct. 19 (Bloomberg) -- U.S. Senator Richard Durbin is asking Wells Fargo & Co. Chief Executive Officer John Stumpf to defend the bank’s decision to impose new fees for debit-card users in light of the record quarterly profits reported Oct. 17.

Durbin, the Illinois Democrat who pushed to include caps on debit-card interchange that banks charge to retailers, made the comment in a letter to Stumpf dated today.

--Editors: Gregory Mott, Lawrence Roberts

To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net


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