Tag Archives: Wells Fargo

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AFR in the News: Wells Fargo’s Testimony Left Some Feeling Shortchanged (NY Times)

“This lapse calls for new congressional hearings on Wells Fargo, according to 33 consumer groups. Led by Americans for Financial Reform and Public Citizen, two left-leaning consumer organizations, the groups sent a letter late Thursday to leadership of the Senate Banking Committee and the House Financial Services Committee urging them to bring Wells Fargo executives back to Capitol Hill to answer questions about the bank’s stream of abuses.”

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Joint Press Release: Wells Fargo May Have Lied to Congress, Say 33 Groups led by AFR and Public Citizen

“‘Wells Fargo used forced arbitration clauses and class-action bans to hide abuses and prevent its customers from securing justice or even realizing that problems the bank causes them are widespread,’ said Lisa Donner, executive director of Americans for Financial Reform. ‘It now appears that they have also tried to hide the breadth of problems inside the bank, even in the face of direct questions from members of Congress. Leaders of the relevant committees should be demanding answers and further hearings to get them.’”

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AFR Statement: Wells Fargo’s Latest Attempt to Get Away with Fraud

“This Wells Fargo case is yet another demonstration of the harm consumers will suffer if Congress chooses to repeal the CFPB arbitration rule and restore banks’ ‘Get out of Jail Free card.,” said Lisa Donner, Executive Director for Americans for Financial Reform. “It is also yet another reminder why lawbreaking banks are pushing for the rule to be overturned: blocking consumers right to go to court makes it easier for them to rip people off.”