News Release

Regulators Could Break Up Wells Fargo — If They Stay Strong


SARAH PRAY, CARTER DOUGHERTY, carter at,  @RealBankReform
Dougherty is communications director at Americans for Financial Reform. He said today: “Over the last decade, Wells Fargo’s repeated misdeeds have been numerous and egregious enough to vault it into popular culture, notably Late Night with Seth Meyers, Saturday Night Live. Americans for Financial Reform has documented its role as a serial lawbreaker, in the Wells Fargo Scandal Tracker.

“Last week, prodded by the Consumer Financial Protection Bureau (CFPB), the main big-bank regulator of Wells Fargo, known as the Office of the Comptroller of the Currency (OCC), said it is looking at new ways to tame megabanks, which show signs of being ‘too big to manage,’ including breaking them up. Sen. Warren, who conceived of the Consumer Financial Protection Bureau and pushed for its creation in 2010, called for prompt action to break up Wells Fargo.”

Pray, managing director for policy at Americans for Financial Reform added: “The OCC now needs to demonstrate the will to solve the problem it has diagnosed, up to and including the breakup of repeat offenders. Process is nice, but results, delivered promptly, that finally end chronic abuse of consumers by too-big-to-manage banks would certainly be better.”