President Trump and Republicans want to rip up rules on big banks.
But Wells Fargo () keeps getting into serious trouble, undermining the president’s deregulation agenda.
After creating a national firestorm last September because it created millions of fake accounts, the No. 2 U.S. bank landed in hot water again this summer.
Just in the past few months, Wells Fargo has admitted to charging thousands of customers for car insurance they didn’t need. It has been accused of ripping off vulnerable mom-and-pop businesses on credit card fees. Worse yet, Wells Fargo said last week that it uncovered as many as 1.4 million more fake accounts by digging deeper into its broken culture.
Now, instead of talking about hearings on bank deregulation, Congressional Republicans are under pressure to hold another round of hearings on Wells Fargo.
“We don’t see how Congress can just ignore this,” Jaret Seiberg, an analyst at Cowen Washington Research Group, wrote in a recent report.continue reading »