We’re Moving Our Money because Wells Fargo is...
1. Performing Discriminatory Lending
Wells Fargo has been the poster child for discriminatory lending targeting communities of color. Wells Fargo has been sued on several occasions for discriminatory lending practices, and the Federal Reserve Board recently issued you an $85 million civil fine for steering borrowers inappropriately into subprime loans
2. Foreclosing on American Families
At the end of 2009, Wells Fargo modified loans for only 22% of those eligible for modifications under the government program HAMP. Unlike other big banks, Wells Fargo hasn’t changed its foreclosure procedures despite many confirmed reports of “robo-signing” and other illegal practices in the foreclosure process.
3. Not Paying its Fair Share
Over the last ten years, Wells Fargo paid the lowest worldwide tax rate of the top five big banks – they paid only 24.8% on their $110.9 billion in earnings) and reportedly did not pay any federal taxes in 2009.
4. Stealing our Democracy
Wells Fargo’s dollars are helping our elected officials rig the system to work for Wall Street and not the rest of us. Since 2003, Wells has spent over $20 million on lobbyists.
$43.7 Billion: Bailout money from US taxpayers
$24.6 Billion: Profits since bailout (2009-2010)
$17.1 Million: 2010 CEO John Stumpf total pay
$27.2 Billion : 2010 bonuses and compensation$22,100/yr Average Wells Fargo bank teller wage