Senator Demands Answers from Wells Fargo and Equifax

<p>Michaela Madison Reporting

(Wednesday, October 11th) U.S. Senator Sherrod Brown, of Ohio, is demanding answers from representatives with Wells Fargo and Equifax.

Senator Brown says he interrupted Wells Fargo CEO Timothy Sloan when he ‘side-stepped’ the question as to why the bank continues to use behind closed door arbitration systems that don’t allow customers their day in court.

“Senator, the reason is because I think that we have made fundamental changes to the way that we do business or the way that we limit the number of times,” explained Sloan before he was cut off by Senator Brown.

Brown interrupted to say, “Limit the number of times is good, I appreciate that, but give them their day in court, those that you are not able to help.”

Senator Brown also questioned former Equifax CEO Richard Smith in the wake of a massive data breach that exposed the data of 145 million Americans, including more than 5.2 million Ohioans.

Senator Brown referred to Smith making roughly $69 million as of 2016 to which Smith answered, “I’ve not tracked that number to be honest.”

Senator Brown then suggested, “In hindsight, do you think Equifax should have spent more money protecting people’s data rather than compensating you so well?”

Senator Brown led the Senate Banking Committee in pressing the companies for answers.

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