Waters: Wells Fargo Must be Held Accountable
Today, in response to a report revealing that Wells Fargo opened an additional 1.4 million fraudulent bank accounts and 528,000 unauthorized online bill pay enrollments without their customers’ knowledge or permission, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement:
“Wells Fargo’s misdeeds are egregious, and they must be held accountable for their many abuses of American consumers. By opening fraudulent accounts without the knowledge of their customers, Wells Fargo effectively ruined some of their customers’ credit scores, causing great harm. It is important to note that the third-party review released today only looks back until 2009, and we know that there were instances of this practice at Wells Fargo dating back to at least 2002, meaning that the total number of fraudulent accounts that they opened may be much larger.
Earlier this month, Ranking Member Waters and other committee Ranking Members wrote to Committee Chairman Jeb Hensarling requesting a public hearing to review the ongoing violations of consumer rights by Wells Fargo.