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Treasurer Chiang Announces Support for Bill to Stop Banks Accused of Fraud from Hiding Lawsuits in the Shadows


May 1, 2017

Contact: Marc Lifsher

SACRAMENTO, Calif. –  State Treasurer John Chiang and state Sen. Bill Dodd, D-Napa, will be joined by consumer groups in support of Senate Bill 33.

The legislation would prohibit Wells Fargo and other financial institutions that defraud customers from forcing legal disputes into secretive arbitration proceedings.

The bill will be heard for the first time at 1:30 p.m. Tuesday by the Senate Judiciary Committee.


WHEN: 12:30 p.m. Tuesday, May 2, 2017
WHERE: California State Capitol – Room 1190              
Sacramento, CA 95814
WHO: California State Treasurer John Chiang
Sen. Bill Dodd, D-Napa
Richard Holober, Executive Director of the Consumer Federation of California
Brian Kabateck, Former President of the Consumer Attorneys of California
Paulina Gonzalez, Executive Director of the California Reinvestment Coalition

Announcement of Senate Bill 33, legislation that would allow victims to sue in California state courts by allowing judges to deny petitions for binding arbitration in cases involving fraud.

Treasurer Chiang will also formally unveil the members of his Banking Reform Task Force. The task force is charged with crafting actionable recommendations to federal and state policymakers about how to reform the banking industry.

More Information:

For more news, please follow the Treasurer on Twitter at @CalTreasurer, and on Facebook at California State Treasurer's Office.