Santa Rosa May Sever Ties With Wells Fargo

Santa Rosa may sever ties with Wells Fargo
KEVIN MCCALLUM
THE PRESS DEMOCRAT | June 23, 2017

Santa Rosa is the latest city to begin withdrawing from its relationship with Wells Fargo & Co., citing a recent downgrade of the bank by federal regulators.

The City Council agreed Tuesday to extend its contract with the scandal-plagued San Francisco bank for another year to give it time to conduct a search for a new banking partner.

Mayor Chris Coursey seemed to wish the city could get off the Wells Fargo wagon even faster.

“Why we can’t dump this bank right now?” Coursey asked.

...The city’s move follows similar steps taken by cities such as Seattle, New York and Berkeley, as well as the state, which have cited controversies such as the bank’s funding of the Dakota Access Pipeline project and the 2 million accounts the bank fraudulently opened on behalf of unwitting customers.

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