Wells Fargo & Co. chief executive Tim Sloan defended the bank’s use of mandatory arbitration as he appeared on Capitol Hill on Tuesday, drawing stiff criticism from U.S. Senate Democrats who are resisting a Republican effort to repeal a new regulation that bars the financial industry from forcing consumers to waive their right to file class actions.
Facing the Senate Banking Committee from the same hot seat where his predecessor, John Stumpf, testified last year in the throes of Wells Fargo’s sales practices scandal, Sloan argued that arbitration is fast and fair for consumers. Sloan cited a Consumer Financial Protection Bureau study, saying the agency’s analysis showed that arbitration can deliver more redress to aggrieved consumers.
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