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Sen. Brown drafting bill to ban Wells Fargo's forced arbitration clauses

Sen. Sherrod Brown, D-Ohio, intends to introduce a bill thatwould ban Wells Fargo &Co.'s use of forced arbitration clauses and make it easier forcustomers to file lawsuits against the scandal-stricken bank.

Brown is among six senators who to Wells Fargo Chairman and CEOJohn Stumpf on Sept. 23 calling for an end to forced arbitration clauses.

In an Oct. 3 press release, Brown wrote that Stumpf declinedto answer his questioning during a Sept. 20 Senate hearing, and on Sept. 29told the House Financial Services Committee that the bank will continue thepractice.