For Immediate Release:
Friday, September 9, 2016
Contact: Amanda Fried, 415-554-0889
*** STATEMENT ***
TREASURER JOSÉ CISNEROS' STATEMENT ON $185M FINE LEVIED AGAINST WELLS FARGO
Yesterday, the OCC, CFPB and LA City Attorney announced settlements and a consent order against Wells Fargo, resulting in a $185M fine based on "widespread illegal practices" around account openings, sales targets and compensation incentives.
Consumers walked into Wells Fargo looking for an account to keep their hard earned money safe, and that's not what they got. This practice is deceptive, it's wrong and it's predatory.
For over ten years, San Francisco has led the nation with the Bank On program- helping low income consumers identify safe accounts for their money - I will do everything in my power to make sure the actions of these Wells Fargo employees don't undermine our trust with low-income unbanked and underbanked San Franciscans."