To File or Not to File: Customer Claims and Firm Response After the Wells Fargo Enforcement Action

Abstract

Using Consumer Financial Protection Bureau complaints around Wells Fargo’s September 2016 enforcement disclosure, we study whether enforcement changes customers’ decisions to formalize problems as claims, a process we call claim production. A synthetic difference-in-differences design estimates a 71% increase in Wells Fargo’s average monthly complaint flow during the three months following the action. Bank-account complaints also rise and remain elevated six months later. After the action, Wells Fargo’s timely-response rate for complaints falls by 45%. The complaint increase recurs after similar actions at other banks. Beyond fines and restitution, enforcement actions create additional formal claims that firms must process.

Citation

Osman, Syed Muhammad Ishraque, and Nicholas R. Pusateri. 2026. “To File or Not to File: Customer Claims and Firm Response After the Wells Fargo Enforcement Action.” Working Paper. URL: https://nicpusateri.com/claim-production.

@article{osman2026file,
  title={To File or Not to File: Customer Claims and Firm Response After the Wells Fargo Enforcement Action},
  author={Osman, Syed Muhammad Ishraque and Pusateri, Nicholas R.},
  journal={Working Paper},
  year={2026},
  url={https://nicpusateri.com/claim-production},
  }