Brown: Wells Fargo Auto Loan Fraud is Further Proof Now is Not the Time to Roll Back Bank Rules

Senator Demands Answers from Bank

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – is demanding answers from Wells Fargo after news the bank forced unwanted insurance on auto loan borrowers, potentially pushing thousands into default and repossession. Brown said this most recent scandal - which comes less than a year after news broke that Wells had defrauded millions of customers by opening fake accounts in their names - is further proof why the Administration’s efforts to roll back consumer protections are dangerous. 

"The only thing more outrageous than the fact that Wells Fargo is continuing to cheat its customers is the fact that this Administration wants to roll back Dodd-Frank rules. No wonder so many hard-working Americans believe the system is rigged against them in Wall Street’s favor," Brown said. "Wells Fargo has a lot of explaining to do, and we cannot let up until every single customer is made whole."

The Treasury Department released a report earlier this year outlining its plans to weaken financial stability and consumer protection rules. Most of President Trump’s economic appointees have worked in the banking industry and have advocated weakening standards.

Brown has vowed to fight in the Senate to protect consumers and prevent another financial crisis.