NACA submitted a letter to the U.S. Senate Banking Committee to share its views for the upcoming hearing titled “Wells Fargo: One Year Later.” In September 2016, the Consumer Financial Protection Bureau (CFPB) fined Wells Fargo Bank, N.A. $100 million for illegally opening millions of accounts without its customers’ permission. Since then, the continued revelations and allegations of the bank’s years-long, systemic mistreatment and defrauding of customers to reap profit has been astounding. Indeed, the level of Wells Fargo’s offenses is reminiscent of the recklessness that led to the 2008 financial crisis when profitable but predatory financial schemes were accepted despite their devastating threat to American consumers’ financial security. It is in the Committee’s hands to support and uphold policies, including the CFPB’s arbitration rule, that will ensure Wells Fargo and other bad actors in the financial sector, such as the credit reporting agency Equifax, are not only held fully accountable for damage they cause but that they are also deterred from engaging in pernicious business practices in the first instance.
October 2, 2017
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