Peter Cohan: CFPB Wells Fargo Scandal
on Monday, December 12, 2016Peter Cohan Money Quote saying the Consumer Financial Protection Bureau exposed the millions in fake accounts Wells Fargo created. Peter Cohan said:
“The CFPB is responsible for bringing to light the Wells Fargo fake account scandal. It is hard to defend what Wells Fargo did and hard not to respect CFPB for bringing it to light” — Peter Cohan
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In this quote, Peter Cohan seems to be praising the Consumer Financial Protection Bureau (CFPB) for its role in exposing the Wells Fargo fake accounts scandal. Some key points:
- Cohan directly attributes the CFPB with “bringing to light” Wells Fargo’s wrongdoing in opening millions of unauthorized bank and credit card accounts.
- He acknowledges it is difficult to defend Wells Fargo’s actions in the scandal, suggesting their behavior was clearly improper and harmful to customers.
- Cohan argues it is similarly difficult not to respect the CFPB for its work uncovering the truth about what transpired through investigations and enforcement actions.
Overall, the quote conveys Cohan’s view that the CFPB performed an important public service by revealing Wells Fargo’s malpractices, and that the bureau deserves credit for its work to protect consumers and hold big banks accountable through cases like this one.