WASHINGTON--(BUSINESS WIRE)--National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the $185 million in fines imposed on Wells Fargo due to illegal sales practices.
“Wells Fargo’s illegal sales practices are an egregious violation of consumer trust. To open more than 1.5 million likely unauthorized consumer deposit accounts and more than 500,000 credit card accounts is despicable, and it’s flat-out fraud. Someone needs to go to prison,” said Berger. “To put an end to this type of behavior, there has to be personal accountability. Consumers deserve better; our country deserves better. Did the banks not learn anything from the financial crisis they caused?”
“Credit unions — not-for-profit, member-owned financial institutions — have their members’ best interests at heart. By contrast, Big Banks and Wall Street banks are clearly driven by their shareholders’ interests at any cost. The flagrant disregard exhibited by Wells Fargo for their customers’ trust confirms that.”
Credit unions have been widely recognized by lawmakers and regulators for not creating the financial crisis and for their prudent business model.
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.