Public Citizen and Americans for Financial Reform applaud the announcement of a proposed $110 million settlement for consumers harmed by the bank’s fraudulent account scheme in multiple class-action lawsuits against Wells Fargo.
Today, Americans for Financial Reform delivered a petition with more than 75,000 signatures calling on Wells Fargo to claw back the compensation of both its CEO John Stumpf and the executive directly responsible for the unit engaged in massive fraud.
“As the consent orders highlight, Wells Fargo’s egregious violations of consumers’ rights were fueled by sales quotas imposed on front-line bank workers. These settlements underline the importance of strong consumer protection enforcement from federal and local regulators. They highlight the particular importance of attention to bank compensation practices, including the need to make sure banks are not pushing their employees to harm consumers and break the law by requiring them to meet otherwise unattainable sales goals.”
Activists in Denver, CO joined in with nationwide protests in support of financial reform yesterday. Here’s a report on their actions from the Denver Daily News: A coalition of protesters — several dressed in hazmat gear and respirators —rallied yesterday in front of the downtown
Yesterday, several hundred protesters took to the streets of San Francisco and rallied in front of Wells Fargo headquarters during their annual shareholders meeting. The event attracted many press outlets, and served to crank up the volume on the conversation between homeowners and the banks.
NPA affiliate Iowa Citizens for Community Improvement held a “Showdown in Des Moines” on Tuesday: Wells Fargo just announced record-breaking profits, we expect another big bonus year while the rest of us face cuts. Hundreds of members of Iowa Citizens for Community Improvement (CCI) went
On Dec. 17, SEIU and community groups gathered on the doorstep of Wells Fargo in downtown San Francisco to protest the banks the week that they announced billions in year-end bonuses. Watch as leaders from the Contra Costa Interfaith Supporting Community Organization deliver a letter