During a Senate banking committee hearing that took place on Tuesday, September 20th 2016; Massachusetts Senator Elizabeth Warren (Democratic) brought to light unbelievable information regarding the CEO of Wells Fargo, John Stumpf, and other Senior Executives part in the fraudulent scam on Wells Fargo’s customers. Emily Peck at The Huffington Post, investigated and explained to the readers why it was that Wells Fargo employees were able to get away with scamming the customers to in return make more cross sells and profit more money for over 5 years. The fraudulent scam resulted in Wells Fargo employees opening thousands of bank accounts for customers without their consent. This caused customers to be charged fees, they had new credit cards opened without their knowledge and all for hitting a quota. The quota was definitely made. With the CEO alone ranking up in 200 million in gains on his Wells Fargo stock. GOP found it hard to believe that it took over five years for the Consumer Financial Protection Bureau to get in involved in this scandal. Peck explains GOP was against their new rules to help the customers be able to stand up against huge corporations like Wells Fargo. It was hard for customers prior to the new rules of the CFPB to take action against Wells Fargo was because of it’s fine print in the customer’s contract. Stating customers could not join forces to sue or let alone have a public lawsuit regarding Wells Fargo. These kind of articles are so important for the 99% to be informed on the importance of maintaining in the know of what is happening and to protect yourself from fraud. To me it was even more heartwarming to know there is Senator out there that cares and has the public interest’ in mind.
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