Over the past two years, Wells Fargo created more than 2 million fraudulent accounts for customers without their consent. And while they’re not the first big bank caught red-handed perpetrating a massive fraud, they are one of a number of banks receiving justice from our new consumer watchdog.
Thanks to the Consumer Financial Protection Bureau, Wells Fargo was forced to pay a $100 million fine back to customers. After decades of irresponsible behavior on Wall Street, we finally have a cop on the beat protecting our wallets.
But with a new government heading to Washington, the big banks are salivating over a chance to weaken or eliminate this critical watchdog. We can’t let that happen and we need to send a strong message to the new Administration to make sure they respect the role of this critical consumer protection agency.
Tell the incoming Trump Administration and Congress that this watchdog is vital for consumer protection in the banking industry.