Skip to main content

Teachers Union Demands Wells Fargo Cut NRA Ties

Phil Hall
Apr 10, 2018
One of the nation’s most powerful labor unions is threatening to drop its participation in Wells Fargo’s mortgage program unless the San Francisco-based lender severs its ties with the National Rifle Association (NRA)

One of the nation’s most powerful labor unions is threatening to drop its participation in Wells Fargo’s mortgage program unless the San Francisco-based lender severs its ties with the National Rifle Association (NRA).
 
The American Federation of Teachers (AFT) claimed that Wells Fargo “continues to bankroll the NRA and help gun manufacturers such as American Outdoor Brands Corp. (the parent company of Smith & Wesson) and Vista Outdoor borrow hundreds of millions of dollars.” The AFT said it would drop the Wells Fargo mortgage program from its Union Privilege program and urge other labor unions to do the same.
 
“We’re issuing Wells Fargo an ultimatum,” said AFT President Randi Weingarten. “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.”
 
In a response to Weingarten’s threat, Wells Fargo President and CEO Timothy J. Sloan noted his company assisted 1,600 AFT families with home financing and offers grants and interest-free loans to AFT members in the event of a strike, layoff, or a disability. However, he also questioned Weingarten’s attempt to muscle Wells Fargo on matters unrelated to home loans.
 
“When dealing with the safety of our families, children, and other issues of this magnitude, there are no easy or satisfying solutions,” Sloan stated. “In fact, as I have publicly stated, I do not believe that the American public wants banks to decide which legal products consumers can and cannot buy.  What we can pledge is that Wells Fargo will be a thoughtful participant in the dialogue and listen carefully to all voices and all points of view, taking each of them seriously, including those of the AFT.”

 
Published
Apr 10, 2018
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021