City Divestment from Wells Fargo Bank

Proposed by Fitzsimmons / SORO NC on September 20, 2017
Motion failed to be adopted by a majority of Councils before the January 2018 deadline
Not yet passed by a member Council

Motion

The __________ NC/CC supports the City Council’s call to divest the City’s approximately $40 million in securities and end its contract with Wells Fargo, due to the bank’s fraudulent and grossly unethical conduct in opening millions of fake accounts and improperly charging mortgage fees, and the subsequent downgrading of their Community Reinvestment Act rating.