Dear Wells Fargo Customers,
In
America, we have faith that when we open up a checking account, we
aren’t opening ourselves up to being scammed. Whether you use a local
credit union or community bank or one of the big national chains, we
take it for granted that those institutions are fulfilling this basic
responsibility to their consumers.
That’s why I was deeply
disturbed when, last week, we found out that Wells Fargo had engaged in
widespread illegal practices over many years. The bank secretly opened
up millions of accounts for customers without their consent – betraying
their customers, misusing their personal information and leading many to
be slapped with unjust fees and other charges. Today, Wells Fargo’s CEO
will appear before Congress. He owes all of you a clear explanation as
to how this happened under his watch.
There is simply no place for this kind of outrageous behavior in America.
Our
economy depends on a strong and safe banking system to help keep it
moving. But even after Americans spent years working hard to recover
from the Great Recession, the culture of misconduct and recklessness
that preceded that crisis too often persists.
I have a plan to address it.
First,
we need to defend the Consumer Financial Protection Bureau. The unfair
and abusive practices at Wells Fargo remind us that we need tough
watchdogs looking out for customers. The CFPB worked with local
authorities and enforced the law – assessing its highest penalty ever,
and bringing the bank’s illegal activity into the national spotlight.
Donald
Trump, the Republican Party, and Wall Street lobbyists are desperate to
dismantle this effective agency, which is dedicated solely to
protecting consumers from unfair and deceptive practices. I won’t let
them put the CFPB under their thumb. I’ll protect the CFPB and make
sure it can continue its essential work on behalf of the American
people.
Second, we need real consequences when firms on Wall
Street break the law. This past week, we learned that one of the Wells
Fargo executives that oversaw the division that ripped off its customers
left the bank – not with a pink slip, but with a $125 million payout.
It’s hard to imagine that top executives were unaware of a problem that
involved thousands of the firm’s employees. After all, they imposed
sales targets and compensation incentives in ways that led to this
behavior. And it’s frustrating that a bank can simply pay a fine and
keep doing business as usual – with massive compensation for the
executives responsible. That compensation should be clawed back.
I’ve
put forward an agenda to enhance accountability on Wall Street.
Executives should be held individually accountable when rampant illegal
activity happens on their watch. Their compensation should take a hit
if their companies pay major fines. And they must face appropriate
legal consequences if they break the law.
Third, we need to make
sure that no financial institution is too big to manage. I’ll put
additional safeguards in place to address the risks that the big banks
continue to pose to our system. And if any bank can’t be managed
effectively, it should be broken up.
I’ll appoint regulators who
will stand with taxpayers and consumers, not with big banks and their
friends in Congress. I’ll fight hard to make sure that Wall Street is
working for Main Street – not the other way around.
We need to keep pushing to make the financial system safer and fairer. Let’s do it together.
Sincerely,
Hillary Clinton
