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)

  • Michael Ellias

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    As a very long-time customer with Wells Fargo, with substantial accounts, I am sending a notice to Wells Fargo (attn Tim Sloan, CEO) that if Wells concedes to the AFT’s demand, I will terminate all accounts with the bank.
    I find it unacceptable that companies (Dick’s Sporting Goods, Blackrock Investments, Citi Bank, etc) are targeting the firearm industry. I have already notified my investment advisor to begin selling my shares in BlackRock funds.I no longer shop at Dick’s.
    A rhetorical question: Thousands of innocent people are killed each year by drunk-drivers and speeding cars, are these firms going to target the auto manufacturers or alcohol producers and distributors in a similar manner? Probably not.

    Reply

  • Jim

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    “The AFT’s purpose is to deliver an ultimatum regarding the bank’s ongoing financial support for the gun lobby and gun manufacturers.”

    Interesting; I wonder who this AFT president thinks produces firearms for our military. When these manufacturers win a military contract, they often need to borrow (big $$) funds to ramp-up production to fulfill their contractual obligations.

    I suppose he/she thinks our military already has enough arms and will never need more because you know, they never wear out, technology never moves forward, and we will never increase our troops. Our enemies must love this rational.

    Reply

  • CinciJim

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    One aspect that concerns me in all of this, if Wells Fargo should “cave” to this baseless demand, is: where will it end? If it spreads throughout the financial industry, that is catastrophic to many.

    Most people in this country need to borrow money to buy a home, a vehicle, or even major appliances. Every loan application requires employer information. So if the entire financial industry falls for the threats of the left, any private citizen who works for a firearms manufacturer, an ammunition manufacturer, a gun shop, or a firing range, can no longer get a loan. They may not even own a gun themselves, but they need that job for their survival and that of their family. They don’t get the loan, and the financial institution doesn’t get that business.

    And so what if this snowballs even further and car makers, and dealerships cave and decide they won’t sell to anyone associated with the firearms industry? Department stores? Grocery stores? People can’t buy what they need or want, and more companies don’t make the sales of their product, which takes from their profits. Socialism makes further gains.

    If Wells Fargo doesn’t put a stop to this extortion now, there may be no stopping it. And extortion is exactly what this is, in my opinion. Wells Fargo cannot allow themselves to be bullied.

    These leftist socialists know full well that the 2nd Amendment to the U.S. Constitution is their biggest single obstacle to their complete takeover of our Republic. If they can disarm the public, there is no way the public can defend against tyranny. The left can then install their dictator-for-life and proceed to dismantle the U.S. Constitution as he/she sees fit.

    I leave you with 2 simple, undeniable facts:
    (1) Left is not Right
    (2) Right is not Wrong

    Long Live the Republic.

    Reply

  • Ruben Saldana

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    It’s simple, anybody messing with the second amendment will not get my business. We have a personal and business accounts as well as my son. I have a mortgage with Wells Fargo as well and I will refinance if it’s nessesary

    Reply

  • Jeff Spirko

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    I am shopping for a new home, soon will be purchasing a new vehicle and opening a new credit account. I will definitely do everything I can to make Wells Fargo my bank of choice for all these purchases and services. I hope they will meet my needs. If they do not, I will shop around but, I WILL NOT use or support any bank, service or other company that does not support my right to possess and own firearms. I will not consider any bank or business of any kind that bans or discriminates against the NRA or their members. As a matter of fact, I am going to choose to use only business’s that fully support the 2nd Amendment and the NRA. I really should start to compile a list of businesses that strongly support the 2nd and other groups like the NRA that protect our Constitutional Right and use them exclusively.

    Reply

  • Peggy

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    They will lose my business… and probably that of millions of other gun owners if they cave!!

    Reply

  • Robert

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    I currently do not do business with Wells Fargo, but if I did, and the cowed down to the aft, I would stop business with them. Correct statement about bullying, I support the NRA and as a legal gun owned I too am disgusted at the rhetoric and the “blame game” to “US”. We give up and let them take our 2 amendment rights from us, tyranny will follow

    Reply

  • Tom Layton

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    I hope the union members tell their union to stick their ultimatum where the sun don’t shine. The unions and their left wing radicals will destroy this country if they have their way. I may need my gun to help stop them.

    Reply

  • Ray Ainslie

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    I’ll bet there are more firearm owners that bank with Wells Fargo than teachers.

    Reply

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