Waters Statement on OCC Letter to Wells Fargo

WASHINGTON, D.C. - Today, in response to reports that the Office of the Comptroller of the Currency sent a letter to Wells Fargo stating that it is considering an enforcement action against the bank, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement:

“The time for letters of warning to Wells Fargo has long since passed. This is a bank that has demonstrated a troubling pattern of illicit activity and will apparently rip off anyone who trusts them with their money. Among other abuses, Wells Fargo has opened millions of fraudulent accounts without their customers’ consent, enrolled consumers in life insurance policies without their consent, fraudulently modified mortgages to collect government subsidies, delayed mortgage closing dates to charge customers additional fees, and forced nearly a million Americans to purchase auto insurance they didn't need. Recent reports indicate that foreign-exchange bankers at the bank overcharged hundreds of their business clients in order to boost their bonuses. Enough is enough.

“Wells Fargo needs to face real consequences for its constant wrongdoing. That is why I introduced the Megabank Accountability and Consequences Act, a bill to require banking regulators to shut down megabanks like Wells Fargo that demonstrate an egregious pattern of abusive behavior. It’s time for this bank to be stopped.”

In October, Ranking Member Waters introduced the Megabank Accountability and Consequences Act, which requires federal prudential banking regulators, such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board, to fully utilize their authorities to shut down megabanks that repeatedly harm consumers and hold culpable executives accountable.

In September, Ranking Member Waters released a Democratic staff report detailing a pattern of abusive business practices by Wells Fargo and finding that prudential regulators have failed to utilize the full extent of their authorities to end unlawful practices at megabanks like Wells Fargo.

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