Consumer Financial Protection Bureau

Statement of Consumer Federation of America on the Consumer Financial Protection Bureau’s Landmark Enforcement Action Against Wells Fargo

The Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo Bank to pay billions of dollars in fines and redress to harmed consumers. The CFPB has found that Wells Fargo has repeatedly broken consumer financial protection law, mismanaged auto and mortgage loans leading to consumer loss of homes and vehicles, and illegally charged surprise overdraft fees.

“This is not the first time that Wells Fargo has flagrantly violated the law and harmed consumers across its lines of business, including deposit accounts, credit cards, and student loan servicing,” said Rachel Gittleman, CFA’s Financial Services Outreach Manager. “Today’s enforcement action illustrates the need for an independent consumer protection agency armed with the resources and tools needed to hold violators of the law accountable, make harmed consumers whole again, and protect the public from future unfair, deceptive, or abusive acts or practices.”

“Victims of illegal auto repossession suffer devastating losses and have almost no leverage to seek justice on their own,” said Erin Witte, CFA’s Director of Consumer Protection. “This is a powerful reminder that we need the CFPB to stand up for the millions of people who would have no other recourse.”

Contact: Rachel Gittleman, 609-571-5953

Erin Witte, 202-387-6121