Stumpf agreed to pay a $2.5 million civil penalty to resolve the matter, allowing him to avoid admitting or denying the SEC's charges.
The settlement represents the latest government penalties for Wells Fargo and its former management for malfeasance.
Wells Fargo is reportedly nearing settlements with the Securities and Exchange Commission and the Justice Department over its sales scandal.
U.S. stock futures were pointing to higher open after the Dow fell modestly, the S&P 500 rose slightly and the Nasdaq logged another record high.
The U.S. government announced that former Wells Fargo CEO John Stumpf is barred from ever working at a bank.
Sen. Elizabeth Warren on Thursday sent a letter to Federal Reserve Chairman Jerome Powell calling on the Fed to maintain its growth cap on Wells Fargo until the bank replaces CEO Tim Sloan.
Federal regulators are poised to impose a $1 billion penalty on Wells Fargo for a variety of alleged misdeeds, the New York Times reports.
"Wells Fargo's substantial underperformance has created a buying opportunity," analyst Saul Martinez says.
Scott Siefers, Sandler O'Neill bank analyst, breaks down Wells Fargo's quarterly numbers and provides his outlook on the big bank.
Wells Fargo has rehired more than one-third of the employees it axed in the wake of the bank's fake accounts scandal, CEO Timothy Sloan said.
Warren Buffett, Berkshire Hathaway chairman and CEO, weighs in on the Wells Fargo scandal.
The "Squawk on the Street" crew weighs in on Sen. Elizabeth Warren's call to oust Wells Fargo directors.
But the Berkshire Hathaway CEO tells CNBC the fundamental earning power of the bank has not been hurt.
CNBC's Leslie Picker reports on what to expect when Wells Fargo board members meet today in Ponte Vedra Beach, Florida.
The bank's shares were down more than 2 percent in premarket trading following the bank's announcement.
An internal report released on Monday suggests there were red flags directors should have focused on earlier, reports Breakingviews.
Wells Fargo's last CEO may have mishandled the cross-selling scandal, but investors did well during his tenure, company CEO Sanger said.
Wells Fargo's independent directors have decided to initiate corporate pay clawbacks that total some of the largest in history.
CNBC's Wilfred Frost reports on the much anticipated report on Wells Fargo's sales practices investigation.
More Wells Fargo customers may have been impacted by a sales scandal than believed before, a new filing has revealed.