Bloomberg Law
Aug. 14, 2017, 2:08 PM UTC

Wells Fargo Scandal Helps Consumer Advocates in CFPB Rule Fight

Sara Merken

By Sara Merken, Bloomberg BNA

Wells Fargo’s latest scandal is providing consumer groups new ammunition as they try to save a Consumer Financial Protection Bureau rule banning companies from using mandatory arbitration clauses.

Disclosures last month that the bank may have billed as many as 500,000 customers for unneeded auto insurance is just the latest scandal for the megabank, which last year disclosed it had opened millions of unauthorized deposit and credit-card accounts.

Consumer groups are invoking Wells Fargo as they seek to persuade a handful of Republican senators to help defeat a potential September vote on a resolution blocking ...

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