Report Of The Los Angeles Community Review Board On Responsible Banking

Report Of The Los Angeles Community Review Board On Responsible Banking

One year ago, the Los Angeles City Attorney’s office and federal regulators imposed a record- breaking fine on Wells Fargo for illegally opening millions of fake accounts. Local bank workers, who are part of the Committee for Better Banks, spoke out to spur the initial investigations and continue to expose irresponsible banking practices at Wells and other banks. In just the past several weeks, Wells Fargo admitted it opened a total of 3.4 million bogus accounts and was cited for charging millions of customers for auto insurance they didn’t seek. At the same, Banco Santander has come under fire for fueling a crisis in subprime auto lending in California and other states across the country.

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