Senators want Labor Department investigation of Wells Fargo

Sanders, Warren, others question whether bank “aggressively skirted” labor laws

 

Housingwire:

In a letter sent to Tom Perez, the Secretary of Labor, Sen. Elizabeth Warren, D-Mass, who made nationwide headlines with her heated questioning of Stumpf, along with Sen. Bernie Sanders, I-Vermont; Sen. Bob Menendez, D-New Jersey; Sen. Sherrod Brown, D-Ohio; Sen. Jack Reed, D-Rhode Island; Sen. Jeff Merkley, D-Oregon; Sen. Kirsten Gillibrand, D-New York; and Sen. Mazie Hirono, D-Hawaii, state that they want further investigation into Wells Fargo.

The senators state that the investigation into Wells Fargo conducted by the city of Los Angeles, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau uncovered an environment where employees were subjected to “stringent sales quotas and aggressive incentives, coupled with “staggering neglect by management of the obvious consequences to consumers of those quotas and incentives.”

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