Yesterday, the Consumer Financial Protection Bureau imposed a $100 million fine on Wells Fargo for secretly creating hundreds of thousands of bank accounts for their customers. Hillary Clinton released the following statement:
“Yesterday, we learned that one of the largest banks in America secretly opened hundreds of thousands of bank and credit card accounts for their customers, moving money across accounts and charging fees without customer knowledge or consent. There is simply no place for this kind of outrageous behavior in America, and I applaud the Consumer Financial Protection Bureau for its forceful response.
Donald Trump wants to dismantle the CFPB and repeal the crucial rules we put on Wall Street after the financial crisis, but yesterday’s action is a stark reminder of why we need a strong consumer watchdog to safeguard against unfair and deceptive practices. And it’s yet another example of how much is at stake in this election.”
News Source: CFPB