Senators Request Hearing on Wells Fargo's Fraudulent Sales Tactics

51 min
at 9:00 AM
Customers use a Wells Fargo ATM at one of their bank branches on September 9, 2016 in Miami, Florida.  (Photo: Joe Raedle/Getty Images)

The Senate Banking Committee will hold hearings next week into illegal sales tactics employed by San Francisco-based Wells Fargo Bank. Last week, the bank agreed to pay $185 million to settle charges that employees boosted their sales numbers by siphoning money from existing customers to create as many as 2 million fraudulent accounts. We'll discuss how widespread these aggressive sales tactics are and how to protect yourself from them.

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Guests:

Jeff Ehrlich, deputy enforcement director, Consumer Financial Protection Bureau

Michael Corkery, New York Times reporter

Andrea Luquetta-Kern, director of policy and research, California Reinvestment Coalition

Ross Levine, chair in banking and finance at Haas School of Business, University of California, Berkeley

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