Wells Fargo fraud result of Republican failure: Wells Fargo was recently fined millions for demanding employees create fraudulent loans, then charging fees and interest, and fining customers who did not know such loans had been issued. Instead of applauding the $185 million government settlement, House Republicans blasted the watchdog Committee for Consumer Protection Bureau for not acting sooner. Overlooking the fact that CCPB had already been investigating Wells Fargo long before a whistleblower broke the news, Republicans focused on what it mistakenly considered bureaucratic failure. House Republican financial investigation rules restrict the watchdog access to consumer accounts making fraud difficult to define let alone uncover. The Republican House has also rigged the consumer protection system to favor arbitration where judges dismiss penny-ante cases, class-action is prohibited, and access to bank records is severely limited. Once again, Republicans are blatantly guilty of creating failure and blaming the victims. Playing politics instead of protecting consumers Republicans undercut and underfund and then blame a government bureau to make it appear the system is failing and that oversight should therefore be returned to a Republican controlled Congress. Instead of recognizing Wells Fargo as the government’s biggest achievement ever over cheating, thus demonstrating the bureau’s value, Republicans scandalize government protection in hopes of labeling all restrictions detrimental to business
Richard Dorsey, Hacienda Heights, CA.