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)

  • LarryArnold

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    I think Mr. Sloan should remember that while there are 20,000 teacher mortgages, there are also 16,200,000 people licensed to carry, and do the math. Particularly if other big banks cave, Wells Fargo stands to inherit way more gun owners than there are teachers.

    Reply

  • Big Stig

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    Interesting because Wells Fargo owns one of the largest private firearms collections in the world. Wells Fargo was one of the few early security companies that issued forearms to their agents and stagecoach crews. Bet the lefties didn’t know that. If Tim bows to the Education Industrial Complex, he’s forsaking his own company history.

    Reply

  • Charles J Gervasi

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    Is ATF a typo in the last paragraph?

    Reply

    • Dave Dolbee

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      Yes. I am so used to to articles about the ATF (LOL). Fixed – Thank you! ~Dave Dolbee

      Reply

  • MBR

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    Blackmail and extortion, if the AFT can get a better deal somewhere else then go. Stop trying to publically hold hostage Wells Fargo for conducting business. I bet they’d be singing another tune if Wells Fargo says “OK, we’re foreclosing on all mortgages held by AFT members.” But we all know that WF has more compassion (and business sense) than that.

    Reply

  • Joseph Chandler

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    How do the members of AFT expect to continue to teach when their freedom is protected by those they are trying to disarm

    Reply

  • John Wesley

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    I have cut up two CITI BANK cards (up to $5000 per month) and leaving KROGER (about $500 per month) because of their reported policies concerning guns. I would hope others would do the same.

    Reply

  • Mitch

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    Very sad to see this. Reminds me of USSR do as we say or we will hurt you. You will believe what we tell you and you will do as we say or we will hurt you. You can not think out side the box or have thought of your own or we will HURT YOU. This is not freedom, this is not the United States way of doing things. The people who are doing this are the same people who thought it was good that it was against the law for African Americans to go out after dark because they are harder to see and might cause trouble. This is the Jim Crow era al over again. Who where the people in charge at that time???? You got it Dem’s

    Reply

  • Dave

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    I can’t tell you what Sloan WILL do but I can tell you what he SHOULD do.
    He should tell these teachers to get back to their desks and start teaching kids the real history of the USA and its constitution. Tell them he will not be strong-armed into trading the Constitution for their business.

    Reply

  • Kenneth Usher

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    Once a member of AFT. Only game in town. Controlled by socialist yahoos. Tell Wells Fargo to forget them.

    Reply

  • DSM

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    The question is “why would the NRA deal with Wells Fargo”. Have they no memory of the 2016 scandal. The one where they fleeced their clients out of millions of dollars. Let the teachers have them.

    Reply

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