Rep. Waters: Wells Fargo ‘Is Essentially a Lawless Organization that Has Caused Widespread Harm to Millions’

EXCERPT:

WATERS: “I will note that each time a Wells Fargo CEO has testified before this Committee, he has resigned soon thereafter. Mr. Scharf, you have taken on a massive challenge. While I certainly wish you luck, it is clear to this Committee that the bank you inherited is essentially a lawless organization that has caused widespread harm to millions of consumers throughout the nation. Wells Fargo has opened 3.5 million fraudulent accounts in their customers' names, which cost consumers over six million dollars, charged consumers for automobile insurance policies they did not need, resulting in some consumers losing their automobiles, engaged in illegal student loan servicing practices, charged consumers inappropriate overdraft fees, over-charged veterans for refinance loans and fraudulently sold complex financial products to retail investors.”