Wells Fargo's Stumpf Resigns From Fed Advisory Panel

By Steve GoldsteinMarketsMarketWatch Pulse

Under-fire Wells Fargo Chairman and CEO John Stumpf has resigned from an advisory panel to the Federal Reserve, the San Francisco Fed said Thursday. The regional central bank didn't provide an explanation for Stumpf's resignation from what's called the Federal Advisory Council, which has representatives from commercial banks from each of the twelve Fed districts that gives advice on economic and banking matters. Stumpf was grilled by a Senate panel this week over Wells Fargo's unauthorized openings of millions of customer accounts.

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