Bernie Sanders, Elizabeth Warren scold Wells Fargo over military treatment
Wells Fargo is catching serious heat from Senators Bernie Sanders and Elizabeth Warren over its treatment of the military after the bank got caught illegally repossessing service members' cars.
Warren fired off another letter to Wells Fargo CEO John Stumpf this week rattling off a series of pointed questions about the bank's military lending, including whether it even deserves to have branches ("stores," in Wells Fargo jargon) on U.S. military bases at all. The letter, signed by several other U.S. Senators, comes after Wells Fargo was slapped with a $24 million fine for illegally seizing 413 cars owned by service members without the court orders required by federal law.
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"These abuses indicate that Wells Fargo has actually made it more difficult and stressful for our service members" by "violating the very rights they have fought" to secure, the lawmakers said.
Warren and her colleagues said Wells Fargo "systematically, over the past 10 years, failed to live up to the basic requirements" of the Servicemembers Civil Relief Act, a World War II-era law providing financial protection for soldiers.
The Senators want Stumpf to answer a series of questions by October 27, including when he first became aware of the violations and whether he or anyone else at the bank has taken "personal responsibility" for the matter.
http://money.cnn.com/2016/10/07/investing/wells-fargo-military-repo-bernie-sanders-elizabeth-warren/index.html