Wells Fargo Data Fiasco Raises Red Flags, Demands Serious Change: Lawyer
Other bank observers point to the multiple problems exposed by the recent leak of private data of 50,000 clients and advisors.
July 24, 2017 at 05:11 PM
4 minute read
Legal analysts, consultants and others are reacting to the news that an attorney working with Wells Fargo shared private information tied to more than 50,000 clients and advisors with a former Wells Fargo advisor.
Though the bank insists the leak of information was “inadvertent” and was caused by human error, not by a systemwide data breach, outsiders say the matter is extremely serious and requires significant changes in how the bank conducts business.
“Wells Fargo has made a monumental error,” said William H. Byrnes, an attorney who teaches at the Texas A&M School of Law, in an interview. “We're now at the point where regulators have become involved over federal and state privacy concerns.”
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