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Wells Fargo Chief Executive Officer John Stumpf testifies on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before the Senate Banking Committee. (AP Photo/Susan Walsh)

The Wells Fargo CEO's apology to the Senate over its bank fraud scheme didn't go over well

You should resign. You should give back the money that you took while this scam was going on and you should be criminally investigated.
Sen. Warren, to Stumpf

Wells Fargo CEO John Stumpf apologized to Congress on Tuesday for his employees' involvement in a fraudulent scheme to make the company look more profitable

But Congress, specifically Sen. Elizabeth Warren (D-Mass.), wasn't having it. 

Here's what happened

Wells Fargo employees opened millions of fake accounts and transferred money from actual customer accounts so the transaction looked real. 

They also opened fake credit cards in customer's names and made fake emails to sign customers up for online banking services for years.

Wells Fargo was fined $185 million earlier this month, and 5,300 employees were fired.

The Wells Fargo CEO's apology to the Senate over its bank fraud scheme didn't go over well

WATCH  | Stumpf said he was "deeply sorry," and said the company would contact each affected customer. He also insisted the incident wasn't a "scheme" and he didn't know anything about the operation until he read a  Los Angeles Times article about it in 2013.

If there were ever a textbook case where consumers needed protecting, this was it.
Sen. Richard Shelby, R-Ala.

Warren wasn't the only member of the Senate Banking Committee with harsh words for Stumpf. 

Sen. Bob Corker (R-Tenn.) said it would be "malpractice" if Wells Fargo did not reimburse affected customers. 

Meanwhile, the bank's former head of retail banking, Carrie Tolstedt, is set to receive $125 million when she retires.

Should Wells Fargo's punishment be harsher than a fine?

The Associated Press contributed to this report.

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