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House Report Critical of CFPB's Wells Fargo Probe Raises Questions on Motive

The staff of the GOP-led House Financial Services Committee has released a report criticizing the Consumer Financial Protection Bureau (CFPB) for not going further in investigating and penalizing Wells Fargo for its widespread practices of opening unauthorized accounts.

Some question the true intentions behind the report, suggesting GOP Congress members are more interested in removing the CFPB’s director Richard Cordray than in encouraging the bureau to take a more aggressive approach towards banking fraud.

“I have a difficult time believing that the group that wants to disband the only consumer watchdog group in the banking industry is truly concerned about the failure to properly monitor Wells Fargo,” said Richard McCune, a partner at the law firm McCune Wright Arevalo. “That being said I do believe this is likely to give them the cover to try and be more aggressive in terminating the director.”

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