“The Case for Holding Megabanks Accountable” Presented to Congress on September 29, 2017
The Democratic Staff of the House Committee on Financial Services has issued a report to Congress entitled “The Case for Holding Megabanks Accountable: An Examination of Wells Fargo’s Egregious Consumer Abuses.” Presented by the Honorable Maxine Waters, Ranking Member, to the 115th Congress on September 29, 2017, the Report (yet to be officially adopted by the Committee on Financial Services) examines Wells Fargo’s conduct in recent years and its record of repeatedly, recurrently, and egregiously harming its customers through the opening of millions of fraudulent accounts, illegal student loan servicing practices, improper manipulation of checking account overdraft fees, and mortgage and auto lending abuses.
The Report criticizes previous investigations into Wells Fargo’s widespread bad practices and misguided attacks on the Consumer Bureau, and urges federal regulators to take significantly stronger actions in the face of ineffective and toothless deterrence, even up to shutting down banks with bad conduct as continuous and pernicious as that of Wells Fargo. The Report goes on to urge Congress to compel meaningful, large-scale protective action on behalf of consumers in the wake of rampant predatory behavior by megabanks across the U.S.
Read the full report by the Democratic Staff of the House Committee on Financial Services on Wells Fargo and Megabank Accountability.