Teachers Union Demands Wells Fargo Cut NRA Ties – NMP 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
SEC: Angel Oak Capital Advisors Misled Investors

Company, portfolio manager agree to pay $1.825M combined in civil penalties.

Regulation and Compliance
Aug 10, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022