My American Banker Op-ed: Would Wells scandal have come to light with a defanged CFPB?

Here.  Excerpt:

Wells Fargo’s opening of millions of phony accounts using the names of its customers was perhaps the most significant bank scandal to come to light since the financial crisis. But Hensarling’s Financial Choice Act, which passed the House Financial Services Committee, would have weakened federal regulators’ ability to publicize the scandal and punish Wells. * * *

If the bill had been enacted — and the consumer bureau were just a shell of the agency it is today — it is a fair question to ask whether Wells Fargo would have been held accountable for its actions.

The op-ed is based in part on my forthcoming Rutgers Law Review article.

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