Hensarling Responds to Bureau Action on Wells Fargo
Washington,
April 20, 2018 -
House Financial Services Committee Chairman Jeb Hensarling (R-TX), issued the following statement on an announced settlement between the Bureau of Consumer Financial Protection (Bureau), the Office of the Comptroller of the Currency (OCC) and Wells Fargo which ‘requires the bank to reimburse affected borrowers and pay a $1 billion fine’ as a result of the bank’s violation of the Consumer Financial Protection Act (CFPA).
“Fraud is fraud and theft is theft. What happened to far too many customers at Wells Fargo for far too many years cannot be described any other way. One billion dollars is one of the largest civil penalties ever imposed upon a bank and, based on all the evidence, it was well deserved.
“Although the regulatory system may have failed before the fact, it appears to be working after the fact. All the facts indicate that the OCC and the Bureau under the previous administration had ample evidence and ample authority to have discovered and ended these unlawful practices early on. They failed, pure and simple.
“The best form of consumer protection remains competitive and transparent markets vigorously policed for fraud and deception. But it is not enough to hold a bank accountable; the actual individuals responsible for the wrongful deeds must be held responsible as well.
“I know that Wells Fargo has many dedicated employees who do serve their customers well and had nothing to do with the wrongful acts. We all look forward to the current management concluding all necessary reviews and restructuring so that Wells Fargo can once again regain the trust and respect it once had.”
