title:  This Bank Ripped Us Off In a HUGE Way, Now Obama Is Making Them Pay Millions For It
text: If you listen to conservatives, big money interests like the banks have been unfairly attacked by progressives like Senators Bernie Sanders and Elizabeth Warren. According to them, the system isn t rigged and progressives are just being conspiracy theorists.But now a massive plot inside one of America s biggest banks has been exposed, and the Obama administration is going to make them pay for what they ve done.5,300 Wells Fargo employees are going to be fired, after it was exposed that they have been secretly signing up thousands of customers for accounts they didn t ask for. They did it so they could collect fees and add to their earnings. From CNN Money:The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money. Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,  Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.Now, the Consumer Financial Protection Bureau (CFPB), a government agency created by President Obama and in part credited to Senator Warren, is stepping in to make the bank pay. Wells Fargo will have to pay full restitution to the victims of its greed, including annual fees, interest charges, and overdraft-protection fees that it deceitfully collected.The bank has entered into an agreement with CFPB to pay $185 million in fines, and $5 million in a refund to its customers.It s worth remembering that Republicans   backed by donations from the banking and financial industry   have tried repeatedly to attack and defund CFPB. Despite the agency being solely dedicated to consumer rights (as opposed to industry concerns, as in other government departments like the notoriously pro-industry Department of Interior), the supposedly populist right has still opposed it.To his credit, not only has Obama defended CFPB, he has argued again and again that Congress should fund it and allow it to stand up for consumers.Featured image via YouTube