Clinton vows to hold Wells Fargo accountable for its actions

by Ryan Smith04 Oct 2016
Hillary Clinton vowed to hold Wells Fargo accountable for its actions in a scandal over unauthorized accounts, according to U.S. News & World Report.

The banking giant recently agreed to pay $185 million in settlement fees and $5 million in customer remediation following revelations that its employees had opened 2 million credit card and bank accounts without customers’ knowledge or consent.

Former employees have also alleged that the bank fired whistleblowers who complained about the high-pressure sales environment that encouraged the behavior.

“Really shocking, isn’t it?” Clinton said at a rally in Toledo, Ohio, Monday. “One of the nation’s biggest banks bullying thousands of employees into committing fraud against unsuspecting customers.”

And those customers had little recourse, as Wells Fargo had arbitration clauses in place to block customer lawsuits, according to U.S. News & World Report.

“They are forced into a closed-door arbitration process without the important protections you get in a court of law,” Clinton said.

The Democratic nominee said that if elected, she would hold the bank accountable for its actions – and work to prevent big banks from bilking customers without consequence in the future.

“We are not going to let companies like Wells Fargo use these fine-print gotchas to escape accountability,” she said.

COMMENTS

  • by | 10/4/2016 2:56:52 PM

    Just another Grandstander- Lets all pray she doesn't get elected. She has lied and lied and avoided prosecution. Had five witnesses given amnesty. Just who the )*&)(&*()&*()* do they think they are. They put the banks in control to burn the brokers. The government can't order lunch without going over budget. Let's get rid of the Dodd Frank and change the way our "public servants" serve us .

  • by | 10/4/2016 3:18:45 PM

    I agree, it's just grandstanding. All Wells has to do to get out of trouble is contribute a couple more million to the Clinton Foundateion. Pay to Play at its finest.

  • by D Riz | 10/4/2016 3:19:39 PM

    $185 MM in fines and $5MM go to the victims. The Govt. is a manipulative bully I it's own right. The politicians are opportunistic whining two faced back stabbers.

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