While it pissed off more than a handful of folks to learn that Wells Fargo bankers have spent half a decade engaging in widespread fraud using customer accounts, there is one group in particular that saw the news and bellowed "REALLY?! You dumb evil MOTHERF@CKERS! You're going to do this to us AGAIN?!?!"
But after taking a deep breath, the Independent Community Bankers of America tried to control itself in an official statement released today:
ICBA and the nation’s nearly 6,000 community banks are outraged that any financial institution would betray the trust of its customers by opening bank accounts without their knowledge. According to state and federal allegations, Wells Fargo opened as many as 2 million fraudulent deposit and credit card accounts, then fired roughly 2 percent of its 268,000 employees for engaging in the megabank’s improper and illegal sales practices.
But recapitulating Wells Fargo's bold and dumb crime just riled the ICBAs up again, with visions of 2008 and the aftermath dancing in their heads.
Not only is this conduct appalling and harmful to American consumers and communities, it also contributes to the growth of excessive regulation that needlessly burdens the local community banks that do right by their customers. While Wells Fargo has the luxury of throwing money at the problem to make it go away without its board or senior management being held accountable, the individuals and local institutions affected by its actions will continue to suffer for years to come.
You f@cked us again, Wells Fargo! You dipshit caravan idiots f@cked us AGAIN! Dodd-Frank wasn't enough? Making our life difficult by forcing us to account for regulatory pressures designed to prevent you from doing exactly this kind of shit didn't sate your lust? You want to make it even harder for small banks in America to create liquidity and further destroy the reputation of "Banks"?!?!
And you know how we know you're the worst?
This is yet another example of the industry inequality that plagues our nation’s banking system, favors the largest and riskiest financial institutions, puts taxpayers and everyday consumers at risk, and creates widespread market imbalance. Unfortunately for community banks and the millions of Americans harmed by Wells Fargo’s spurious conduct, this settlement is too little, too late.
Basically, George Bailey is so pissed he's going to shoot up a stagecoach.