Political Quotes

“Mr. President, a number of Wall Street banks, car title lenders, big corporations, and payday loan sharks have two things in common: They have a record of ripping off consumers, and they have armies of expensive lawyers and lobbyists in Washington, in Columbus, and in State capitals all over this country who protect them from facing the consequences. That is why it is so important that ordinary American consumers have their own cop on the beat--the Consumer Financial Protection Bureau. The recent abuses by Wells Fargo are the latest proof of how necessary the Consumer Financial Protection Bureau's work is. Less than a year ago, we learned that Wells Fargo secretly opened millions of phony bank and credit card accounts without customers' permission. The CEO of Wells Fargo had to resign as a result. This was an outrageous abuse of American consumers. The sheer size and scope of this scam are breathtaking. In total, Wells Fargo may have opened as many as 3.5 million unauthorized accounts--meaning, it opened these accounts without the accountholders even necessarily knowing that they did it, without permission--costing customers some $2.5 million in fees. The abuses are bad enough. To make matters worse, Wells Fargo tried to keep this scandal hidden from the public, and it used something called the ``forced arbitration clauses,'' which are buried in the fine print of customers' contracts, to deny them their day in court.…”