Wells Fargo Given Ultimatum: No Business With NRA, Gun Companies Or…

By Dave Dolbee published on in News

The American Federation of Teachers (AFT) President Randi Weingarten is in negotiations to meet with Wells Fargo CEO Tim Sloan. The AFT’s purpose is to deliver an ultimatum regarding the bank’s ongoing financial support for the gun lobby and gun manufacturers. The AFT has publically taken the position that if Sloan continues Wells Fargo’s support of firearms businesses, the AFT will discontinue its popular Wells Fargo mortgage program offered to members.

Wells Fargo Bank red and yellow logo

Last week, the AFT released correspondence between Weingarten and Sloan. The release outlined the union’s concerns about Wells Fargo’s connections with the NRA—as well as its threat to stop offering Wells Fargo mortgages, if Wells Fargo continues being the NRA banker. The Wells Fargo mortgage program is part of the Union Privilege program and approximately 1,600 AFT members have opted for these mortgages annually.

More than 20,000 AFT members currently hold mortgages through the program. If Wells Fargo fails to budge, the AFT will urge other Union Privilege members to follow suit. The AFL-CIO was copied on the correspondence.

AFT President Randi Weingarten said: “The lives of students and educators must be valued more than guns. This is America—Wells Fargo has the right to be the NRA banker, but we have rights too. That’s why if Tim doesn’t ditch his guns business, we’ll ditch Wells Fargo. We are glad Tim wants to meet; but no words will dissuade us from our view that our society must value people over profits. We have a responsibility on behalf of our members and their students who face potential gun violence every day.

“We’re issuing Wells Fargo an ultimatum—they can have a mortgage market that includes America’s teachers, or they can continue to do business with the NRA and gun manufacturers. They can’t do both.”

I wonder how the members of the AFT feel about the move. I mean, did the membership vote for this? How many gun owners are by the default of their position members of the union, which is poorly representing their views based on the beliefs or politics of a few top leaders?

What do you think Wells Fargo CEO Tim Sloan should, or will, do at the meeting? Will this affect your banking relationship with Wells Fargo in the future? Share your answers in the comment section.

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Comments (436)

  • GCS

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    The AFT should stop trying to threaten businesses for their own agenda.Why do these groups think they have the right to tell someone how to run their business. If the gun laws that are on the books are followed as intended, most of these tragedies could be prevented. When the local police and the feds don’t do their jobs, why should law abiding citizens be punished.

    Reply

  • Wayne Carter

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    20,000 AFT members or over 5 million NRA members who can also boycott Wells Fargo really should think this over

    Reply

  • Gatlin

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    The NRA is a good organization. It promotes and teaches firearm safety and needs to exist. I am a Wells Fargo customer and an NRA member.
    I’m asking Wells Fargo not to cave to this blackmail sort of tactic.
    Compare 1600 mortgages to the millions of dollars that flow in to WFB. do the math

    I have been a Wells Fargo customer for over 20 years. I have a mortgage, my direct deposit from 22 years in the USMC, and a few credit cards with them.Don’t roll over for the AFT!

    Reply

  • Gaylon Buck

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    The NRA is a good organization. It promotes and teaches firearm safety and needs to exist. I am a Wells Fargo customer and an NRA member.
    I’m asking Wells Fargo not to cave to this blackmail sort of tactic.
    The AFT is clearly uneducated in this mater.

    Reply

  • JohnH

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    I have been a Wells Fargo customer for over 30 years. I have a mortgage, my direct deposit from 32 years in the Army, and a few credit cards with them. It may be time to look elsewhere. If they don’t want me, I guess I may not want them.

    Reply

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