Today, in response to reports that Wells Fargo forced more than 800,000 car loan borrowers to purchase unnecessary car insurance, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement:
“The constant drip drop of fraudulent activities coming out of Wells Fargo is absolutely outrageous. Wells Fargo has repeatedly preyed on servicemembers, homeowners, minorities, and, it seems, consumers seeking any kind of financial product from them. This disgraceful, illegal, and widespread misconduct is exactly why I’ve been working on legislation that breaks up banks—like Wells Fargo—that repeatedly engage in consumer abuses, so that they can never harm consumers again.”
Earlier this week, Ranking Member Waters released a Democratic staff report documenting the successes of the Consumer Financial Protection Bureau, including the $100 million fine they charged to Wells Fargo for secretly opening fraudulent accounts. In March, Ranking Member Waters sent a letter to Timothy J. Sloan, Chief Executive Officer of Wells Fargo, regarding the repeated refusal of Wells Fargo executives to be interviewed by Democratic Committee staff in furtherance of the Committee’s ongoing investigation into the bank’s widespread criminal behavior. To date, Wells Fargo executives have not met with Democratic staff regarding the Committee’s investigation.