And for that reason, those supporters say Republicans, and Hensarling in particular, are hypocrites for trying to use the Wells Fargo scandal to reduce the bureau’s power. Republicans’ desire to discredit the CFPB means bad news for Wells Fargo, said Jaret Seiberg of investment bank Cowen and Co.’s Washington Research Group. “That means more scrutiny and regulatory pressure” on Wells Fargo. Wells Fargo to pay $185 million settlement Federal regulators said Wells Fargo employees opened accounts in customers’ names without their consent. Federal regulators said Wells Fargo employees opened accounts in customers’ names without their consent.

Source: Los Angeles Times September 28, 2016 10:02 UTC