The Fresno County Democratic Central Committee has not endorsed any candidate in this race.
Wells Fargo needs to change. Now.
A year ago, they tried to tell the world that they had addressed the scandals that made national headlines. But even in the last few months, new revelations have come to light about veterans and auto-loan borrowers being overcharged.
And now Congress has made it harder for consumers to sue banks like Wells Fargo when they commit fraud, making even more important that our elected leaders here in California hold them accountable.
That’s why I’m extending California’s financial sanctions against Wells Fargo for another year — to pressure them to change their corporate culture of greed. But I need your help to ratchet up that pressure.
As early as 2013, the Los Angeles Times reported on a problematic sales culture and quotas that lead Wells Fargo employees to sign millions of customers up for bank accounts they didn’t want or need. Only last year, when they were fined $185 million by federal regulators, including the embattled Consumer Financial Protection Bureau, did they start to make real headway toward addressing the problem.
But the opaque manner with which Wells Fargo continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control made the decision to continue sanctions so clear that there really was no choice at all — especially as Washington politicians work to roll back federal consumer protections.
I will not stand by and let them abuse more Californians with their predatory tactics.
Wells Fargo can and must do better, and it’s up to us to make them. If Washington won’t continue to hold them accountable, it’s up to California to choose a different road.
Thanks for standing with me,