Predator Banking: After grassroots activists expose scam, Elizabeth Warren tells ‘gutless’ Wells Fargo CEO John Stumpf to resign

Warren’s verbal assault on Stumpf generated considerable publicity. But this issue wouldn’t have surfaced in the first place without the hard work of grassroots community and labor organizations – especially the Committee for Better Banks — that first brought the scandal to the attention of the media, elected officials, and regulators.

The senators’ grilling of Stumpf not only highlighted Wells Fargo’s history of abusive practices but also put the debate over government regulation of the banking industry in dramatic relief. Democratic nominee Hillary Clinton touted the “forceful response” to the Wells Fargo scandal by the Consumer Financial Protection Bureau (CFPB), the federal agency created in 2010 as part of the Dodd-Frank bank reform law. Clinton said that the Wells Fargo scandal is “a stark reminder of why we need a strong consumer watchdog to safeguard against unfair and deceptive practices.” In contrast, Republican presidential nominee Donald Trump has called for dismantling nearly all of the Dodd-Frank reforms, including the CFPB.

Read the rest of the article at Pasadena Weekly.