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Democrats seek arbitration release for Wells Fargo customers

Joe Mont | March 8, 2017

Congressional Democrats are once again taking aim at Wells Fargo, this time over forced arbitration clauses that prevent defrauded consumers from suing the bank.

On March 7, U.S. Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, and U.S. Rep. Brad Sherman (D-Calif.), a member of the House Financial Services Committee, reintroduced legislation that will give Wells Fargo customers who were victims of a fraudulent account scheme their day in court.

In September 2016, the Consumer Financial Protection Bureau announced that Wells Fargo Bank, a subsidiary of Wells Fargo & Company, was fined $100 million, the largest penalty ever meted out by the agency.

Wells Fargo had compensation incentive programs in place for employees that encouraged them to sign up existing clients for deposit accounts,... To get the full story, subscribe now.