More Trouble for Wells Fargo

Wells Fargo is in trouble. Our campaign is making waves and new information continues to come out about Wells Fargo's corporate crimes.

 Read more for an update on how we're turning the heat up this summer!

Ripple Effect:

Move Our Money actions and information has had a rippling effect in the Latino community in Iowa.  Through our organizing, 16 Latino members or friends closed their accounts with Wells Fargo and 5 more are currently preparing to do so.  And that’s only the people we know about.

Yesterday we received this message, unprompted, from an employee at a local credit union:

“A lot of people are telling me that they are closing their accounts at banks in order to come to [our credit union]. And I know it is because of the efforts you all are doing. Thanks a lot.”

Sharing Letters:

Alberto Zuniga, a CCI member, told us he needed information for his co-workers at a local restaurant who have been chatting together in the kitchen about the Wells Fargo private prison scandal.  His co-workers have closed their accounts or are in the process of closing, so he took some letters for them to mail to Wells Fargo to let them know exactly why they are fed up with the big bank.

Discrimination Lawsuit:

Remember the back and forth we had with Wells Fargo where they claimed they don't tolerate discrimination? Well, Wells Fargo has been forced to settle with the Department of Justice for discriminatory lending against blacks and Latinos and will pay $175 million. That’s a lot of money to make sure all the skeletons don’t come out of the closet!

From the Washington Post: "Deputy Attorney General James Cole said the bank’s discriminatory lending practices resulted in more than 34,000 African-American and Hispanic borrowers in 36 states and the District of Columbia paying higher rates for loans solely because of the color of their skin."

More Action:

Round two of our advertisement in El Enfoque will come out this week and next, directing people to our next Move Our Money planning session on July 26.

Join the Fight

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