Prosecutor Who Kicked off Wells Fargo Investigation Responds to GOP Attacks on CFPB (Like This One From Missouri Rep. Ann Wagner)

RHETORIC: Republican Congresswoman Claims the Consumer Bureau’s role in investigating Wells Fargo was “wholly inadequate.”

  • Ann Wagner (R-MO) has taken at least $55,550 in campaign contributions from Wells Fargo since 2012. During a floor debate on June 7, 2017 concerning the Financial CHOICE Act, she outlined a report from her subcommittee about “the CFPB’s wholly inadequate role in investigating the Wells Fargo fraudulent account scandal.” [Wells Fargo DonationsCenter for Responsive Politics, accessed 06/07/17 and U.S. House Debates Dodd-Frank RepealC-SPAN, 06/07/17]

REALITY: Local prosecutor who kicked off Wells Fargo investigation said the Consumer Bureau “enabled there to be nationwide relief” for customers and “created the heft and breadth that led” the bank “to admit to firing 5,300 employees and creating 2 million fake accounts nationwide.”

  • Los Angeles City Attorney Mike Feuer, who initially brought the case against Wells Fargo, “would be the first to say that teaming up with the nation’s Consumer Financial Protection Bureau was what widened the scope of the investigation into the bank’s widespread sordid practices.” In fact, “that cooperation created the heft and breadth that led Wells Fargo to admit to firing 5,300 employees and creating 2 million fake accounts nationwide.” Feuer has been quoted as saying “‘the CFPB enabled there to be nationwide relief for Wells customers,'” [Matt Egan, “Guy who fought Wells Fargo is angry about Republican attack on CFPB“, CNN Money, 05/15/17]

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