Wells Fargo’s Latest Comeuppance for Consumer Mistreatment Explains Why Bank Tied to Anti-CFPB Lawsuit

Once again, Wells Fargo messed around with consumers’ hard-earned money and found out that behavior will not stand from the CFPB. It’s obvious why Wells Fargo is linked to a lawsuit threatening to keep the CFPB from protecting consumers from the kind of financial industry abuse the banking giant is notorious for. Wells Fargo has contributed to a long-running, organized effort by greedy industries and politicians in their pocket to defang, defund or do away with the CFPB because it works so well to protect consumers from schemes, scams and predatory behavior. This is all about payback from Wall Street banks and shady industries with an ax to grind that would rather go after the cops on the beat than stop mistreating working people.

Don’t expect the CFPB’s latest win on behalf of consumers to receive much fanfare from incoming Republican HFSC Chairman Patrick McHenry who’s taken millions from the financial industry -- including over $100,000 from Wells Fargo alone. McHenry has made clear he is far more interested in protecting the bottom line of his industry donors than the consumers they routinely mistreat.”