Hillary Clinton: There's no place for Wells Fargo's 'outrageous behavior' in America

Before you go, we thought you'd like these...
Before you go close icon

Hillary Clinton on Tuesday published an open letter to Wells Fargo customers, slamming the bank's illegal account openings and outlining what should happen next.

In the letter published on her website, the Democratic presidential candidate said she was "deeply disturbed" by the news, and said the bank owes all its customers a clear explanation.

SEE MORE: Warren demands Wells Fargo CEO's resignation in heated hearing

Earlier in September, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Los Angeles prosecutor accused Wells Fargo of opening accounts and collecting fees in customers' names without their knowledge or consent.

The bank opened up to two million deposit and credit card accounts, according to the CFPB.

"There is simply no place for this kind of outrageous behavior in America," Clinton said.

RELATED: Business leaders that endorse Hillary Clinton:

7 PHOTOS
Business leaders who endorse Hillary Clinton
See Gallery
Business leaders who endorse Hillary Clinton

Reed Hastings, CEO of Netflix

Photo credit: Reuters 

Drew Houston, CEO of Dropbox

Photo credit: Getty

David Karp, CEO of Tumblr 

Photo credit: Getty

Laura M. Ricketts, Co-owner of the Chicago Clubs  

Photo credit: Getty

Rob Marcus, CEO of Time Warner

Photo credit: Getty

Lloyd Blankfein, Chairman and CEO of Goldman Sachs

Photo credit: Getty

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Wells Fargo CEO John Stumpf will testify in Congress on Tuesday.

"Even after Americans spent years working hard to recover from the Great Recession, the culture of misconduct and recklessness that preceded that crisis too often persists," Clinton said.

Clinton said she would stop plans by "Donald Trump, the Republican party, and Wall Street lobbyists" to get rid of the CFPB. In an interview with Reuters in May, Trump said he would dismantle Dodd-Frank regulations because they made it harder for banks to grant loans.

SEE ALSO: Wells Fargo CEO accepts responsibility for 'unethical' practices

Clinton also slammed the $125 million payout to Wells Fargo executive Carrie Tolstedt when she retires at the end of the year.

Tolstedt oversaw the community banking division. Its responsibilities included the retail banking and credit card operations, which was implicated in the improperly opened accounts.

Tolstedt announced the move in July, before news of the fraudulent accounts was public.

"It's hard to imagine that top executives were unaware of a problem that involved thousands of the firm's employees," Clinton said, adding that compensation should take a hit if companies pay huge fines.

NOW WATCH: Paul Krugman weighs in on the Apple tax debate

See Also:
BOONE PICKENS: 'This is the strangest two candidates I've ever seen'
These sheets are one of the best purchases I've ever made — here's why
It keeps getting worse for Wells Fargo

SEE ALSO: It keeps getting worse for Wells Fargo

DON'T MISS: Everyone on Wall Street is talking about the same 2 words

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

A Holocaust Survivor Found These Old Photographs - And Solved A Decades-Old Mystery A Holocaust Survivor Found These Old Photographs - And Solved A Decades-Old Mystery
Man Finds 5 Abandoned 'Puppies' In His Garden - Then Quickly Realizes He Made A Big Man Finds 5 Abandoned 'Puppies' In His Garden - Then Quickly Realizes He Made A Big
Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts