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Dec 6, 2016

Tester Holds Wells Fargo Accountable, Fights for Fraud Victims to Get Their Day in Court

Senator’s Bill will Prevent Wells Fargo from Blocking Victims’ Ability to Sue for Fraudulent Actions

(U.S. Senate)-Senator Jon Tester has introduced legislation to hold Wells Fargo accountable after the company opened over two million fraudulent deposit and credit card accounts without customers' knowledge or consent.

Wells Fargo is attempting to use a forced arbitration clause, which was included in the contracts that customers signed when they opened their legitimate accounts, that blocks them from suing the bank over fraudulent accounts. Tester in response has introduced legislation to eliminate the ability of any bank to force customers into arbitration on any issue associated with fraudulent accounts.

"It is unacceptable that Wells Fargo is hiding behind fine print and denying folks the ability to seek justice for the bank's fraudulent actions," said Tester, a member of the Senate Banking Committee. "Wells Fargo's irresponsible and reckless business model has put people's credit at risk, and in some cases may have caused irreversible damage. Wells Fargo must clean up their act."

Tester's Justice for Victims of Fraud Act will retroactively apply a new Consumer Financial Protection Bureau (CFPB) rule to Wells Fargo's victims that allows them to seek their day in court-even if they signed a contract that restricts them to forced arbitration.

The CFPB rule currently only applies to contracts signed after the rule was put in place earlier this year.

In September, Tester grilled former Wells Fargo CEO John Stumpf during a Senate Banking Committee hearing for the bank's actions that jeopardized the finances of thousands of Americans.

After Stumpf was unable to answer Tester's questions about Wells Fargo's fraudulent actions, Tester sent a letter to the former CEO with further questions about the potential impacts Wells Fargo's actions are having on families who have been forced to pay higher interest rates on loans as a result of negative information that was reported to credit bureaus.

Additionally, Tester's announced that his office is taking casework from Montanans who believe they have been impacted by Wells Fargo's actions.

 

Office Contact Information

Senator Tester's Montana staff serves the state from offices in Billings, Bozeman, Butte, Great Falls, Helena, Kalispell, and Missoula. Please bring your concerns with federal agencies, academy nominations, and other situations to one of these Montana offices.

Billings

Judge Jameson Federal Building
2900 4th Ave N, Suite 201
Billings, MT 59101
Phone: (406) 252-0550
Fax: (406) 252-7768

Bozeman

Avant Courier Building
1 E Main Street, Suite 202
Bozeman, MT 59715
Phone: (406) 586-4450
Fax: (406) 586-7647

Butte

Silver Bow Center
125 W Granite, Suite 200
Butte, MT 59701
Phone: (406) 723-3277
Fax: (406) 782-4717

Great Falls

119 1st Avenue N, Suite 102
Great Falls, MT 59401
Phone: (406) 452-9585
Fax: (406) 452-9586

Helena

208 North Montana Avenue
Suite 104
Helena, MT 59601
Phone: (406) 449-5401
Fax: (406) 449-5462

Kalispell

8 Third Street E
Kalispell, MT 59901
Phone: (406) 257-3360
Fax: (406) 257-3974

Missoula

130 W Front St.
Missoula, MT 59802
Phone: (406) 728-3003
Fax: (406) 728-2193

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