Hold Wells Fargo Accountable

Tennessee Citizen Action joined a coalition of 33 groups led by Public Citizen and Americans for Financial Reform (AFR) today in calling on congressional committees to investigate additional deception by Wells Fargo related to insurance sales practices. The groups sent a letter outlining their concerns to the U.S. Senate Banking Committee and the U.S. House Financial Services Committee today.

The letter comes as recently revealed information indicates additional deceptive practices beyond those for which Wells Fargo previously faced scrutiny.

Public Citizen and AFR note:

According to the bank’s own timeline, Wells Fargo learned in July 2016 that more than 800,000 customers had been charged for auto insurance they did not need, and the bank ended the activity around the same time that Stumpf testified before the two banking committees about Wells Fargo’s fraudulent accounts scandal. Yet Stumpf’s testimony made no mention of this misconduct, even when he was asked directly whether fraudulent activity might exist in other business lines. The bank later reiterated this denial in written responses to questions from members of Congress.

Withholding relevant information from a congressional inquiry is a criminal offense, punishable by up to five years in prison. The letter calls on the two committees to hold further hearings to investigate Wells Fargo’s newly disclosed abuses and whether the bank lied to Congress.

Tennessee Citizen Action Executive Director Andy Spears said:

Consumers have a right to know that bad actors like Wells Fargo will be held accountable. The recent revelations about additional deceptive practices raise serious concerns about the way Wells Fargo conducts business. We join with this group of advocates in asking for additional hearings. It’s imperative we gain a clear understanding of the scope Wells Fargo’s misconduct and that Congress sends a message that this type of activity won’t be tolerated.

Amanda Werner offers this:

“Wells Fargo has long forced defrauded consumers into arbitration to hide its misconduct from public view, but lying to Congress would cross a new line,” said Amanda Werner, arbitration campaign manager for Public Citizen and Americans for Financial Reform. “Having just admitted to nearly twice as many fake accounts as previously reported, Wells Fargo has a lot to answer for.”

For more on our work to protect consumers, follow @TNCitizenAction


 

 

 

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