Credo Action

Shut down criminal megabanks like Wells Fargo

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Petition to Congress:

"Shut down Wells Fargo and other repeatedly criminal megabanks by supporting Rep. Maxine Waters' Megabank Accountability and Consequences Act."

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    Shut down criminal megabanks like Wells Fargo

    Wells Fargo should not exist. Wall Street cops punished the megabank 43 separate times since 2008. Wells launched three separate ad campaigns begging Americans to believe it turned a corner, and it keeps breaking the law.1

    Now, new reports claim the feds are investigating Wells Fargo's wholesale banking unit.2 The news came right after female executives blew the whistle on gender bias within the bank, which occurred right after reports that the bank was scamming even its wealthiest clients, which we learned soon after Wells Fargo came under fire for profiting off the private prison companies running Trump's immigrant jails, which became a scandal on the heels of the company admitting it foreclosed on 400 homes absolutely without reason, which happened right after...3,4,5

    You get the idea.

    Tell Congress: Shut down criminal megabanks like Wells Fargo.

    Rep. Maxine Waters' bill would shut down Wells Fargo and other criminal megabanks. Federal regulators have the power to crack down on criminal megabanks and even revoke their federal corporate charters, but have utterly failed to do their job. Rep. Waters' bill would force regulators like the Office of the Comptroller of the Currency and the Federal Reserve to use every tool available to shut down megabanks that repeatedly abuse consumers and to hold bank executives responsible.6

    Just a few of Wells Fargo's recent greatest hits include:7-10

    • Blaming a computer glitch after it foreclosed on 400 homes for absolutely no reason (the bank was "very sorry").
    • Facing accusations of gender bias from senior executives.
    • Forcing redundant car insurance on more than 800,000 people, raking in $73 million while 25,000 people had their cars repossessed.
    • Allegedly changing loan terms of bankrupt mortgage borrowers in secret without informing them.
    • Playing a role in funding Trump's immigrant prisons as one of the lenders to private prison companies GEO Group and CoreCivic.
    • Being accused of falsifying records in order to make mortgage applicants pay for delays the bank actually caused.
    • Facing allegations of stealing from rich investors to pay for legal fees to defend a lawsuit from those same rich investors.
    • Pushing even its richest clients into unnecessary products and charging huge fees.
    • Oh, and let's not forget opening 3.5 million unauthorized bank and credit card accounts and blaming it on low-paid workers struggling to hit incentives.

    Instead of rewarding criminality and failure, it is time to shut down Wells Fargo once and for all.

    Tell Congress: Shut down criminal megabanks like Wells Fargo.

    Thank you for speaking out.

    References:

    1. Zach Carter, "Why does Wells Fargo still exist?" HuffPost, Aug. 25, 2018.
    2. Emily Glazer, "Justice Department Probing Wells Fargo’s Wholesale Banking Unit," The Wall Street Journal, Sep. 6, 2018.
    3. Kate Rooney, "Wells Fargo said to be investigating reports of gender bias in its wealth division," CNBC, Aug. 31, 2018.
    4. Make the Road New York and Center for Popular Democracy, "Private Detention Industry Expected to Swell from 'Zero Tolerance; at the Border," June 26, 2018.
    5. Carter, "Why does Wells Fargo still exist?"
    6. Rep. Maxine Waters, "Waters Introduces Groundbreaking Legislation to Shut Down Abusive Megabanks Like Wells Fargo," U.S. House Committee on Financial Services, Oct. 4, 2017.
    7. Carter, "Why does Wells Fargo still exist?"
    8. David Dayen, “Give Wells Fargo the Corporate Death Penalty,” The New Republic, Aug. 1, 2017.
    9. Make the Road New York and Center for Popular Democracy, "Private Detention Industry Expected to Swell from 'Zero Tolerance; at the Border."
    10. Rooney, "Wells Fargo said to be investigating reports of gender bias in its wealth division."