Following the announcement that Wells Fargo received preliminary approval for a $142-million class-action settlement over the opening of over 2 million unauthorized accounts, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, issued the following statement:

“I applaud the U.S. District Court for the Northern District of California for continuing to hold Wells Fargo accountable for their disgraceful and illicit practices. However, Wells Fargo still has a long way to go. By opening unauthorized accounts, Wells Fargo effectively ruined some of their customers’ credit scores, impacting their ability to get a job, rent a home, buy a car, or obtain auto or homeowners’ insurance. I will be introducing legislation to steepen the punishment egregious bad actors like Wells Fargo face for abusing consumers.

“Errors on credit reports are very difficult for consumers to dispute – and it’s even harder to have these inaccuracies actually removed from reports, haunting consumers for years on end. Wells Fargo needs to not only compensate the victims, but they need to work closely and diligently alongside the victims to ensure that their credit reports are up to date and accurate.”

In March, Ranking Member Waters sent a letter to Timothy J. Sloan, Chief Executive Officer of Wells Fargo, regarding the repeated refusal of four top Wells Fargo executives to be interviewed by Democratic Committee staff in furtherance of the Committee’s ongoing investigation into the bank’s dishonest and criminal behavior. To date, Wells Fargo executives have not met with Democratic staff.

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