Speaking in Toledo, Ohio, Clinton also said she’ll take a more aggressive stance toward antitrust enforcement as her campaign ratchets up an emphasis on consumer protection with her race against Republican Donald Trump entering its final weeks.
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She was sacked in July after 19 years with the company, the report said.
It’s the latest blow to Wells in the ongoing backlash over a massive fraud scandal, in which employees boosted sales figures by opening millions of unauthorized accounts for unsuspecting customers.
Wells Fargo did not immediately respond to a request for comment on the letter.
In addition, Frerichs said he ordered an audit into whether other illegal activities by Wells Fargo violated Illinois’ unclaimed property laws. In some cases Wells Fargo employees created fake email addresses to complete registrations for the fraudulent accounts, according to reports.
Wells Fargo needs a new CEO because John Stumpf won’t be able to get the banking giant back on track after the phony account scandal, House Financial Services member Gregory Meeks told CNBC on Friday.
“We have been notifying and fully compensating customers and will complete this work in 60 days.”
Maloney’s September 30 letter came the day after Stumpf heard criticism and calls for his resignation during a hearing before the House Financial Services Committee. Brad Sherman (D-Porter Ranch) asked Stumpf.
“Stumpf, I have a mortgage with your bank”, Hensarling said.
The Consumer Financial Protection Bureau has proposed new rules that would prevent arbitration clauses for financial products from including language that bans customers from joining in class-action lawsuits.
Clinton will discuss how she would curb mandatory arbitration clauses.
Clinton’s campaign said she will call on Congress to give the FTC, FCC, Labor Department and other federal agencies the power to restrict the use of arbitration clauses.
Check with your nearest Wells Fargo branch, but verify by reviewing your credit report using Credit Manager by MoneyTips to see without charge if an unauthorized account was ever opened in your name – and if it was, whether it is still active. You know, who reads all that fine print? “We’re not able to quantify how much is in there, but with $30 billions in there, it is fair to say it is millions of dollars it will cost them”. “It is the kind of regulation we need to find these abuses”, said Goolsbee, Clinton’s adviser, on Sunday. Mandatory arbitration clauses make class action suits hard or impossible to bring.
Brown supports the CFPB rules for financial products, but noted that they would only apply to future customer contracts.
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Many Wells Fargo customers learned the hard way that they effectively signed away their rights when they signed up for an account.
