Blumenthal Statement on $1 Billion Fine Against Wells Fargo

[WASHINGTON, DC] – U.S. Senator Richard Blumenthal (D-CT) released the following statement after the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) fined Wells Fargo for a total of $1 billion for conduct that “caused and was likely to cause substantial injury to consumers” in its auto loan and mortgage businesses.

“Regulators have rightfully penalized Wells Fargo for systemic, sustained abuses against auto loan and mortgage customers,” said Blumenthal. “But the magnitude of a $1 billion settlement is diminished by the recent troubling actions of CFPB Director Mick Mulvaney and his Congressional allies. Mulvaney’s reported weakening of CFPB enforcement authority and Senate Republicans’ reprehensible rollback of protections against discrimination in auto lending speak louder than a standalone fine. Mulvaney must commit to upholding the mandate of the CFPB – not by levying one-off punishments, but by enforcing protections for consumers, particularly those vulnerable to the types of predatory scams perpetuated by Wells Fargo.”