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John Stumpf, chairman and CEO of Wells Fargo. Stumpf testifies today before the Senate Banking Committee about his bank employees opening unauthorized customer accounts. Jeff Chiu/AP hide caption

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Jeff Chiu/AP

Regulators announced Thursday that Wells Fargo is being fined $185 million to settle allegations that it secretly opened unauthorized accounts for customers in order to meet sales goals. Ben Margot/AP hide caption

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Ben Margot/AP
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'Mystery Shoppers' Help U.S. Regulators Fight Racial Discrimination At Banks

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The problems with the Russell Simmons' financial company, RushCard, started Oct.12, when a software upgrade in the transaction processing system caused many accounts to show a zero balance or left customers unable to access to their funds. Rob Latour/Rob Latour/Invision/AP hide caption

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Rob Latour/Rob Latour/Invision/AP

Consumer Financial Protection Bureau Director Richard Cordray, center, participates in a panel discussion in March. His agency is considering banning financial companies from routinely requiring consumers to sign away the right to sue. Steve Helber/AP hide caption

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Steve Helber/AP

Richard Cordray, director of the Consumer Financial Protection Bureau. Ron Sachs/pool/Getty Images hide caption

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Ron Sachs/pool/Getty Images

'We're Here To Stay' Says Newly Confirmed Consumer Watchdog

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