The Wells Fargo scandal may help keep wary Republicans from voting for the measure, consumer advocates said. That fight has delayed action on a number of other urgent issues, including raising the debt ceiling and tax reform, which makes it hard to find time on the legislative calendar to address the CFPB rule. Moreover, Republicans are still reeling from their failure to pass a health care bill, an effort that collapsed late Thursday when McCain unexpectedly voted against the GOP's latest measure. John McCain, R-Ariz., who recently announced he has brain cancer, will be on hand for a vote. But a few Republicans appear to be on the fence, and it's not clear that Sen. Under the Congressional Review Act, lawmakers require only a majority vote to rescind a rule promulgated in the past 60 legislative days. The latest revelations will ensure the bank's issues stay fresh in the public mind. "The Wells Fargo board is ultimately responsible for that failure, and the Federal Reserve should remove board members who served during that time period."ĭemocrats had already been using the Wells scandal as a talking point to battle back against efforts to repeal the CFPB arbitration rule. "There are surely deep risk management problems at a bank when it opens millions of fake customer accounts and charges nearly a million customers for a financial product they don't need - all over roughly the same five-year period," Warren wrote. Elizabeth Warren of Massachusetts sent a letter Friday to Federal Reserve Board Chair Janet Yellen asking her to remove all 12 Wells Fargo board members, noting they served during the phony-accounts scandal, which took place from 2011 to 2015, and the new force-placed auto scandal, which took place from January 2012 to July 2016. Wells Fargo has a lot of explaining to do, and we cannot let up until every single customer is made whole." "No wonder so many hardworking Americans believe the system is rigged against them in Wall Street’s favor. Sherrod Brown, D-Ohio, the ranking member of the Senate Banking Committee. "The only thing more outrageous than the fact that Wells Fargo is continuing to cheat its customers is the fact that this administration wants to roll back Dodd-Frank rules," said Sen. ![]() ![]() ![]() Democrats immediately seized on the Wells news, arguing that it was further proof that consumers needed more protection.
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