Published: August 2017

Wells Fargo has some (more) explaining to do

As widespread, deceitful business practices at Wells Fargo continue to come to light, and knowing that Wells Fargo most likely withheld information related to an estimated 800,000 cases of fraudulent auto insurance sales practices during its last Congressional hearing, advocate groups are urging the Senate Banking Committee and House Financial Services Committee to hold more hearings regarding the bank’s fraudulent activity.

As the estimates of the total number of unauthorized accounts ballooned to 3.5 million, and Wells Fargo settles federal claims that the bank overcharged veterans and concealed misconduct from the U.S. Department of Veterans Affairs, Wells Fargo faces new allegations that it overcharged small businesses for credit card processing for “less sophisticated” mom-and-pop-shops. These additional abuses make a strong case that additional Congressional hearings by Senate and House committees are necessary in order to understand the full spectrum of the banks fraudulent activity and how much they knowingly failed to disclose from Congress in their earlier hearings.

Lead Organization

Public Citizen

Other Organizations

215 People’s Alliance | Action Center on Race and the Economy (ACRE) | Alliance of Californians for Community Empowerment | Allied Progress | American Association for Justice | Billings First Congregational Church UCC | California Reinvestment Coalition | Center for Popular Democracy | Committee for Better Banks | Communications Workers of America | Consumer Action | Consumers for Auto Reliability and Safety | CT Citizen Action Group (CCAG) | Demos | Global Exchange | In the Public Interest | Make the Road Connecticut | Make the Road New York| Make the Road Pennsylvania | Main Street Alliance | Montana Organizing Project | National Association of Consumer Advocates | National Consumer Law Center (on behalf of its low income clients) | New York Communities for Change | Partnership for Working Families | Progressive Congress Action Fund | Public Justice Center | Rootstrikers | Tennessee Citizen Action | The Woodstock Institute | Workplace Fairness

More Information

For more information, visit Public Citizen's website.

Download PDF

Wells Fargo has some (more) explaining to do   (RequestingAdditionalWellsFargoHearings.pdf)

 

Tags/Keywords

insurance, fraud, scams, banking, wells fargo


 
 

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