Supervisors Calling on San Francisco to Cut Ties with Wells Fargo - NBC Bay Area
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Supervisors Calling on San Francisco to Cut Ties with Wells Fargo

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    NEWSLETTERS

    There is a new push in San Francisco to end all business ties with its hometown bank, Wells Fargo. Sharon Katsuda reports. (Published Tuesday, Oct. 18, 2016)

    There is a new push in San Francisco to end all business ties with its hometown bank, Wells Fargo.

    Two San Francisco supervisors are calling for the city to end its relationship with the bank due to a recent scandal involving unauthorized customer accounts. The push comes after the state treasurer severed its ties with Wells Fargo earlier this month. 

    The supervisors also announced plans to investigate all banks after the Wells Fargo scandal.

    "The city of San Francisco can no longer afford to do business with the predatory culture of Wells Fargo," Supervisor John Avalos said.

    Charlie Batte, who lives in San Francisco's Bayview District, said she almost lost her home in foreclosure and claims Wells Fargo made it difficult to refinance her home.

    Batte said she wrote to the district attorney and supervisors to see if they can help.

    Avalos claims Wells Fargo has a history of loan discrimination against African Americans and Hispanics.

    "We're doing what we can, but it's going to take state and federal regulations to be held accountable," Avalos said.

    In response to Avalos, Wells Fargo released a statement saying it is committed to restoring public trust.

    "We have already provided full refunds to customers we identified as having accounts that could have been unauthorized," Wells Fargo said in a statement.

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