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 (454)

  • Roger

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    If they cave I’ve been doing business with Wells Fargo for over 35 years but I’ll just go somewhere else. I really do feel Wells Fargo owes me anything and I don’t owe them anything including my loyalty.

    Reply

  • Aaron Bond

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    Hmm… AFT 1.7 million members, NRA 5+ million members…

    Reply

  • Frank S

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    First, I wonder what the AFT’s members had to say about this. Second, how many WF current customers are NRA members who WILL pull their accounts in a NY minute if WF caves? Third, what will the AFT demand next: no sales of Ford trucks to NRA members? No sales of Toyotas to Jews? There will be no end. How about since the AFT hates guns, no more armed cops in schools?

    Reply

  • Pog

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    Hmmmmm, maybe the NRA members would like that offer instead

    Reply

  • TS

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    Stateing that this is America but that Wells Fargo CAN’T do business with both is rather ignorant!

    Reply

  • leonard goodson

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    this moron liberal needs to have his citizenship taken away. I gave the best years of my life and would have given to protect the constitution. He has a right to his opinion, but not the right to try and take the rights of others away because they believe in God, Country, and Guns. This is a mental health issue, and at 60 years old I have never seen or heard of a gun that took it upon itself to hurt someone, always some idiot on the trigger. We are losing our great country to a bunch of liberal traitors.

    Reply

  • Edward Rambo

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    So a Teachers Union wants Well Fargo to Kiss their butts and stop doing Business with companies that deal in Firearms when they deal in Stupidity, and lies, they don’t teach the kids about the real Constitution, or Bill of Rights, they teach them this Common Core Communist Crap so they won’t believe in our Constitution when they grow up they’ll think it’s all lies, they want the Banks to do what they tell them or they will stop doing business with them.. Well go half of these teachers should be fired for being Stupid, Lazy, idiots that only have a job because of their union, having worked in the School System I’m amazed that our kids learn anything, they teach them all their Liberal Socialist Bull Shit instead of what they really need to help them in life, so I say they can go piss up a rope

    Reply

  • Ken

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    Mr Weingarten let me see if I understand this, you are giving Mr Sloan an ultimatum to dis the NRA and gun companies based on 1600 loans held out of your whopping 20,000 members of the AFT. You really think you are coming from a position of strength. You do understand the NRA has between 4-5 MILION members and there are 43-45 MILLION gun owners in the US. If it really was about student deaths you should be asking Mr Sloan to ban cars and car loans since motor vehicle accidents are the leading cause of death for America’s teenagers, accounting for more than a third of fatalities in this age group every year, the CDC says in a new report. Mr Weingarten your numbers just don’t add up nor does the logic of your argument. 2,823 teens died in motor vehicle accidents just in 2012 while a total of all students killed in all school shoots was 59. Seems you’re “aiming” at the wrong target. Mr Weingarten you are simply another political hack and I trust Mr Sloan will realize it too.

    Reply

  • MQ

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    Wells Fargo manages my mortgage for the large entity that actually holds my mortgage. I would have to refinance the mortgage to get it away from Wells Fargo. A mortgage holder can’t just drop their lender. The AFT guy is mostly hot air. His members are not going to suffer the cost of refinancing to get rid of Wells. If he wants to discontinue the program he likely needs the approval of members.

    Reply

  • D.mirkle

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    Let’s think about this a minute. 20,000 ATF members, 5 million NRA members. Which group does Wells Fargo want to p*ss off? I’m a Life member of NRA and a commercial mortgage holder with Wells Fargo. If WF caves to the extortion scheme by the President of ATF, then I’ll be re-financing my mortgage with someone other that Well Fargo, and I’ll be urging all other NRA members with WF mortgages to do the same.

    Reply

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