September 15, 2016, a day that will live in infamy for Wells Fargo. A stunning investigation found that Wells Fargo was using unethical practices to improve sales numbers and created 2 million fake accounts for customers. In the end, Wells Fargo fired the 5,300 employees that carried out the scam and had to pay $190 million in fines, $5 million of which went to the customers who were directly scammed. But this huge mistake by the bank definitely has a few lessons for the American people.

1. Fiscal policy in the US needs an overhaul

The Consumer Financial Protection Bureau was the hero in this case, fighting for those citizens who were scammed by the company and getting them a good settlement. The CFPB was implemented by the Dodd-Frank financial reform act. However, it has got some famous names against it. Paul Ryan, the current speaker of the house, said that the CFPB "micromanages your life" rather than protecting you. In retaliation, the Choice Act was proposed, cutting the CFPB's power significantly and making banking even more untrustworthy. The Dodd-Frank Bill has its issues too, and because of this, it's clear to Congress and the American people that a clear fiscal policy for protecting consumers is needed.

2. Things can happen that are beyond your control

Sometimes, a simple consumer error can cause a person to get scammed. This can be a huge dilemma, like the Great Depression and the burst of the housing bubble. But the Wells Fargo fraud shows us that some scams can't even be controlled. The entire scam was conducted by 5,300 employees who had full access to consumer's information. We have no choice to give them certain information and withhold some, because they need to have access. And that's something we can never change. Unless we're our own bankers, that's a trust we'll have to have, but that trust continues to decline.

3. Bankers, no matter how big the fraud, stay solid

The leader of this fraud walked off with a huge payday, just when she was about to retire too. And Wells Fargo will continue to make money and get new clients, maybe not in the next month, but definitely in the future. Yes, their stocks will crash. Yes, a lot of employees will lose their jobs. But they will continue to make money because we need bankers. Bankers run the economy, so they will continue to stay solid.