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Regulating From The Ground Up: Controlling Financial Institutions With Bank Workers’ Unions, Emma Cusumano
Regulating From The Ground Up: Controlling Financial Institutions With Bank Workers’ Unions, Emma Cusumano
University of Richmond Law Review
In the Wells Fargo accounts scandal, millions of banking accounts were created for customers without their consent. The scandal cost Wells Fargo customers millions of dollars in direct and indirect charges. Investigations revealed that employees were pressured into creating these false accounts through abusive banking practices promulgated from the top. These practices are not unique to Wells Fargo; instead, they are ubiquitous in the financial services industry.
Current financial regulations do not adequately address how to mitigate banks’ harmful practices. This comment explores the premise that bank worker unionization could serve as a much-needed check on the power of financial …