NAFCU condemns Wells Fargo sales practices

first_imgNAFCU reacted to the $185 million fine of Wells Fargo by California and federal regulators for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.NAFCU President and CEO Dan Berger said, “Wells Fargo’s illegal sales practices are an egregious violation of consumer trust. To open more than 1.5 million likely unauthorized consumer deposit accounts and more than 500,000 credit card accounts is despicable, and it’s flat-out fraud. Someone needs to go to prison,” Berger said. “To put an end to this type of behavior, there has to be personal accountability. Consumers deserve better; our country deserves better. Did the banks not learn anything from the financial crisis they caused?”Berger added, “Credit unions — not-for-profit, member-owned financial institutions — have their members’ best interests at heart. By contrast, Big Banks and Wall Street banks are clearly driven by their shareholders’ interests at any cost. The flagrant disregard exhibited by Wells Fargo for their customers’ trust confirms that.” continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more