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John,
Wells Fargo is one of the largest banks in the world and it has been under fire for years due to a series of scandals and unethical practices. From the creation of millions of fake accounts to misleading customers and illegal foreclosure practices, Wells Fargo has shown time and time again that it cannot be trusted to operate ethically.
In fact, they were just fined $1.7 billion by the Consumer Financial Protection Bureau (CFPB), the CFPB’s largest fine ever, and forced to pay back more than $2 billion directly to the consumers it ripped off as well.
Despite this fine -- and numerous others -- and promises to change their ways, Wells Fargo has continued to prioritize profits over the well-being of its customers. They have shown little indication that they intend to change their ways. The bank's executives have been slow to take responsibility for the bank's actions and have done little to make amends to the customers and communities they have harmed.
It is time for federal regulators to take action and break up Wells Fargo. Breaking up the bank would send a clear message to other financial institutions that unethical practices will not be tolerated.
The bank's repeated unethical practices have demonstrated that it is not capable of operating in an ethical and responsible manner. Tell federal regulators: Break up Wells Fargo now.
Wells Fargo has a long history of unethical practices that have harmed customers and the public at large. In 2016, it was revealed that the bank had created millions of fake accounts in order to meet sales quotas and earn bonuses.
This practice, which went on for years, resulted in customers being charged fees for accounts they never wanted or knew they had. The scandal cost Wells Fargo $3 billion in fines and settlements, but it did little to change the bank's culture of greed and dishonesty.
In addition to the fake accounts scandal, Wells Fargo has also been accused of misleading customers about its products and services. In 2018, the bank was fined $1 billion for forcing customers to purchase unnecessary insurance policies and for charging improper fees on mortgage loans. This followed a $185 million fine in 2016 for opening unauthorized credit card accounts.
Wells Fargo's unethical practices extend beyond its interactions with customers. The bank has also been accused of engaging in illegal foreclosure practices, including robo-signing documents and failing to properly review foreclosure paperwork. In 2012, Wells Fargo agreed to pay $175 million to settle allegations of discriminatory lending practices that targeted African American and Hispanic borrowers.
A smaller Wells Fargo would be more manageable and easier to regulate, which would reduce the likelihood of future scandals and unethical practices. It would also increase competition in the banking industry, which would benefit consumers by offering more choices and lower fees.
Breaking up Wells Fargo is in the best interest of customers and the public at large. Sign and send your message now.
Together we will ensure that the financial industry is held accountable.
- Amanda
Amanda Ford, Director
Democracy for America
Advocacy Fund
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