How consumers can protect themselves from potential abuse by big banks

Wells Fargo
Wells Fargo and its U.S. bank regulator discussed complaints of high-pressure sales tactics as early as 2010 but officials took no action for years, according to a regulator's review of the scandal.
Jim Young | Reuters

Wells Fargo is embroiled in yet another banking scandal. Reuters reports the Consumer Financial Protection Bureau, a U.S. watchdog agency, could soon force Wells Fargo to pay a massive fine — several hundred million dollars — for mortgage-lending and auto-insurance abuses.

The bank has been grappling with the fallout of another major scandal since 2016, when it was revealed that Wells Fargo profited from millions of fake bank accounts.

This latest scandal comes on the heels of the passage of a new bipartisan bank deregulation bill in Congress. So how can consumers protect themselves against potential abuse? MPR's Kerri Miller spoke to two industry experts about practical actions consumers can take.

Guests:

John Taylor, president and CEO of the National Community Reinvestment Coalition.

Stacy Cowley, reporter for the New York Times.

Use the audio player above to hear the full discussion.

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