The Oregon Senator was joined by Sen. Elizabeth Warren and Sen. Robert Menendez in writing to the Securities and Exchange Commission to find out if the bank misled investors or violated whistleblower protections.
The bank faces mounting pressure after employees reportedly set up as many as 1.5 million unauthorized accounts and applied for 565,000 credit cards without their customers’ consent.
Inspector general investigates NCUA exam breach, NCUA sues Wells Fargo—from CUNA’s News Now.
Even as the extent of big bank profits from the 2008 bailout are revealed, four banks are suing the U.S. for $1 billion in tax credits. The banking industry is using these profits to spend record amounts lobbying lawmakers.
The NCUA is suing Wells Fargo, alleging they violated state and federal securities laws and misrepresented the sale of securities to the now-defunct U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.