Wells Fargo Blasted for Trying to “Defang and Defund” Consumer Bureau

Advocates call for more penalties as Wells Fargo prepares to pay $3.7 billion for harming 16 million consumers

On the heels of an announcement by the Consumer Financial Protection Bureau (CFPB) that Wells Fargo is being fined $3.7 billion for harms to consumers caused by the banks illegal and deceptive practices, consumer advocates applauded the move and called for even more penalties for the banking giant.

Wells Fargo will pay $2 billion in refunds to consumers and an additional $1.7 billion fine after the CFPB found the bank’s practices harmed 16 million consumers.

In response to the news, Revolving Door Project Executive Director Jeff Hauser said:

“By returning $2 billion to defrauded customers’ pockets, CFPB Director Rohit Chopra continues to be the model whom all other regulators should aspire to resemble.”

Hauser added that while today’s action against Wells Fargo is welcome news, other agencies need to step up and rein-in the bank.

“The problem is that the CFPB cannot, by itself, solve what’s wrong at Wells Fargo. Chopra is genuinely doing all that he can, but other agencies, which have the proper tools to restrict and…