Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded the Consumer Financial Protection Bureau (CFPB) for fining Wells Fargo $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts. The CFPB announced that Wells Fargo will pay full restitution to all victims and a $100 million fine to the CFPB’s Civil Penalty Fund. The bank will also pay an additional $35 million penalty to the Office of the Comptroller of the Currency, and another $50 million to the City and County of Los Angeles.
“This action just demonstrates how important the presence of the CFPB is for consumers across the country,” said NCRC President and CEO John Taylor. “Their work as a watchdog puts all financial institutions on notice that abusive and illegal practices will not be tolerated.”
“Members of Congress who have worked and are working to undermine the CFPB should be ashamed of themselves. This is an agency that has consistently shown itself to be a valuable protector and advocate for consumers in the financial marketplace. Had it been in place at the time, it would have prevented the housing crisis and Great Recession.”
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About NCRC:
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.
