Some lawmakers, including Mr. Brown, have criticized Wells Fargo for using legal agreements buried within contracts. The bank can block customers from filing lawsuits for damages incurred by unauthorized accounts, including negative effects on the customers’ credit scores and borrowing costs.
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“Giving customers back their right to take Wells Fargo to court gives them the power to ensure they are made whole and helps prevent cases like this in the future,” Mr. Brown said in a press release. He added that he planned to introduce the legislation when Congress returns from the current recess after the November election.
The trajectory of the bill will be tied closely to the outcome of the elections. The bill would get stronger support if the Democrats regain a majority in the Senate. That would also increase the influence of Mr. Brown, who would then likely head the Senate Banking Committee.