Wells Fargo chairman and CEO John Stumpf’s testimony last Tuesday before the Senate Banking Committee on the fictitious-accounts scandal at his bank raises disturbing questions for the bank, the banking industry and affected consumers. Earlier this month, the company said its subsidiary Wells Fargo Bank will pay 5 million in settlements over admissions that its employees had created fictitious customer accounts without the parent firm’s knowledge over the past five years. They had created about two million such accounts, ostensibly to meet sales targets and earn bonuses. Some suggest that the bank’s profit model may be to blame for encouraging such practices . Now, the spotlight is on how the financial services industry should structure employee incentives, the role of the Consumer Finance Protection Bureau (CFPB) and the impact on Wells Fargo customers whose credit scores stand compromised.…