Biography: Stumpf has served as CEO of Wells Fargo since 2007.
Why he’s a contender: He was one of the first bank CEOs to publicly suggest customers should be penalized over so-called “swipe fee” restrictions. This new rule limits how much a bank can charge a retailer when a consumer uses a debit card.
Stumpf pledged to levy new fees and restrictions on checking accounts. As a result, it’s now more difficult to find free checking accounts with no strings attached.
What his firm did: One of the nation’s big four banks has earned a reputation for preying on minorities. Earlier this summer, Wells Fargo agreed to a $175 million settlement with the Department of Justice, which accused Wells Fargo of charging African American and Hispanic borrowers higher fees or interest rates on their mortgages than white borrowers with similar credit histories.
The bank earlier settled another discrimination lawsuit after it was accused of pressuring African-American homeowners into refinancing their homes with risky high-interest, high fee mortgages.