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Home / Business / The Teachers' Union drops Wells Fargo as a mortgage lender due to its links with NRA and gunsmiths

The Teachers' Union drops Wells Fargo as a mortgage lender due to its links with NRA and gunsmiths



(Update: Adding Wells Fargo's Commentary)

The American Federation of Teachers said Thursday it drops Wells Fargo as a Preferred Mortgage Provider to its 1.7 Million Members for Continued Involvement of the Bank in Arms Producers and the National Rifle Association

The country's second largest teacher union said its president, Randi Weingarten, Wells Fargo CEO Tim asked Sloan on 6 April to meet to discuss the matter, but received no answer. More than 20,000 union members hold mortgages through a special program that includes Wells Fargo, and the bank funded the homes of 1,600 of these union members.

Weingarten sent Sloan a letter on Thursday stating that her union could "only assume" the bank "has decided that the NRA business is more valuable to you than students and educators." On Thursday, she said, the union, which is widely known by the acronym AFT, would no longer offer or promote the Wells Fargo mortgage program.

Kurt Schroeder, Senior Vice President and Head of Home Landing Communications for Wells Fargo, said in a statement:

Wells Fargo is proud to support teachers and their families, and in 2017 alone we have educational contributions in the amount of nearly $ 70 million deployed across the nation. We remain committed to the financial success of our teachers and all our customers. Wells Fargo wants schools and communities protected by force of arms, but changes to laws and regulations should be made through a legislative process that gives the American public the opportunity to participate. We remain firm in our belief that the American public does not want banks to decide which legal products consumers can and can not buy.

The union moved the same day as it became known that the federal authorities were punishing Wells Fargo for about $ 1

In a letter to Weingarten dated April 3, Sloan wrote: "We believe that the best way In order to make progress on the complex issues of armed violence, through the political and legislative process in which all citizens can participate. "He said the bank would open a conversation with the AFT on the subject, but that never happened.

17 people have been shooting since Feb. 14 The Marjory Stoneman Douglas High School in Parkland, Florida, has pressured arms control advocates to reduce links with armories and the weapons lobby or make it more difficult for young people to buy weapons legally 59011] Several companies responded. In March, Citigroup was the first bank on Wall Street to restrict the sale of firearms by its corporate customers. The policy prohibits these customers from selling firearms to customers under the age of 21 and those who have not passed a background examination. Walmart, L.L. Bean and Dick's sporting goods increased the minimum age for arms sales to 21 years. REI said it would stop ordering Vista Outdoor products until that company changes its firearm policy.

Here is the AFT letter, and below is Sloan's letter to Weingarten dated April 3:

And here's the letter from Sloan to Weingarten: [19659014] window.addEventListener ("DOMContentLoaded", function () { });
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