Deregulate!

[stpioc]

Yes, we don't need no consumer financial protection bureau..

The Consumer Financial Protection Bureau is fining Wells Fargo $100 million over the banking giant’s longstanding habit of opening unauthorized accounts and credit cards for customers.

Wells Fargo staffers opened more than 1.5 million deposit accounts and nearly 600,000 credit card accounts for customers who’d never asked for them or signed papers authorizing them. The bank will pay another $85 million in penalties to Los Angeles and the federal Office of the Comptroller of the Currency. It must also deliver $2.5 million in direct restitution to the customers it cheated.

The bank has fired roughly 5,300 people over the unauthorized product sales, the CFPB order says. The people fired don’t fit the cultural image of bankers. These aren’t pinstriped limo-riders who light cigars with hundred dollar bills. Like most American megabanks,

Wells Fargo relies on poorly paid retail banking employees to staff its branches. The bank’s sales incentives and high-pressure work culture left these workers with an ugly choice: do the job correctly and get fired, or lie and maintain a steady income.

Caught Cheating Clients For Years, Wells Fargo Takes It Out On Low Level Workers