December 20, 2022

Brown Applauds CFPB Actions Against Wells Fargo

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the CFPB announced new enforcement actions against Wells Fargo. The CFPB order requires Wells Fargo to pay $3.7 billion for mismanagement and hurting consumers.

“This is what happens when you have an agency on the side of working families – not Wall Street and big corporations,” said Brown. “It is critical we protect the CFPB from Republican attacks and ensure the agency continues fighting for consumers.”

Brown added, “Today’s actions should come as no surprise. Wells Fargo’s inability to manage the basic requirements of serving its customers means that consumers, investors, and employees continue to pay the price. Wells Fargo must be able to fulfill its promises to its customers, its employees, and the communities it serves. As Chair of the Banking and Housing Committee, I will continue to work with watchdogs like the CFPB to hold Wall Street accountable when wrongdoing occurs.”

Senator Brown has long fought to hold Wells Fargo accountable for its deceptive and abusive tactics. Brown called out Wells Fargo for its abusive practices at the Committee’s big bank hearing in September. Additionally, Brown called for a review of Wells Fargo’s refinancing practices after reports of racial discrimination. He called the bank “too large to manage” after regulators levied a $250 million fine for Wells Fargo’s unsafe mortgage servicing practices. Brown also led the charge against Wells Fargo after it was found that the bank opened millions of fake customer accounts.