FOR IMMEDIATE RELEASE
Press Release – May 11, 2017
NACA MOBILIZES WELLS FARGO CUSTOMERS & EMPLOYEES IN RESPONSE TO THEIR PREDATORY PRACTICES
MORE THAN $17 BILLION IN ACCOUNTS HELD BY NACA MEMBERS
(Boston, MA – May 11, 2017) – NACA is contacting 229,825 NACA Members who have more than $17 Billion in Wells Fargo accounts to enlist them in its Wells Fargo Justice Campaign. The outreach includes identifying individuals who were victims of the Wells Fargo fake account scandal or knew someone who was a victim and are were willing to move their Wells Fargo accounts elsewhere. The Campaign also seeks to connect individuals willing to take regulatory and legal action against Wells Fargo with Attorneys General and other officials. NACA’s outreach also encourages present or former Wells Fargo employees to become part of the campaign (click here).
NACA’s Wells Fargo Justice Campaign began on April 25th with the disruption of Wells Fargo’s annual meeting in Jacksonville Florida. Wells Fargo CEO Tim Sloan was confronted by NACA CEO Bruce Marks and others seeking to hold him and their board of directors accountable for Wells Fargo’s predatory practices. Sloan needed to call a recess to the meeting as Mr. Marks was dragged out of the venue (see articles below). NACA’s outreach encourages people to continue the call for accountability by joining NACA and others in actions and demonstrations against Wells Fargo.
Marks said, “NACA, our Members and many others are in a powerful position to hold Wells Fargo’s executives and board of directors personally accountable for the bank’s predatory actions. Wells Fargo has acknowledged that they have been exploiting their customers and even their own employees by enforcing high pressure and unethical sales practices for more than 15 years. Hundreds of thousands of NACA members collectively have more than $17 Billion in balances with Wells Fargo in bank accounts, car loans, student loans, personal loans and mortgages.” Marks continues, “Wells Fargo needs to do much more than fire their CEO, make meaningless reductions in executive compensation and express token apologies.”
Today’s announcement of an additional $2 BILLION in “cost cutting” measures is even greater proof that Wells Fargo’s executives and board are disconnected from working people, including their own staff. These cuts will mean thousands of layoffs at Wells Fargo. NACA has already been contacted by past and present Wells Fargo employees who were put under incredible pressure to meet unrealistic sales goals. Now, instead of taking responsibility for their predatory actions, Wells Fargo’s executives are punishing their own employees rather than be accountable for the policies they created.
NACA urges former and current Wells Fargo employees to continue coming forward with their testimonies and to become a part of NACA’s Wells Fargo Justice Campaign (click here).
The government has taken an important step in downgrading Wells Fargo’s Community Reinvestment Act rating to “Needs Improvement”, which is the worst of any major bank. NACA’s Wells Fargo Justice Campaign will allow Wells Fargo account holders to leverage their enormous purchasing power. We will engage many of the Wells Fargo customers and employees who have been wronged in this movement to make Wells Fargo a more responsible and accountable financial institution. Anyone who has been victimized by Wells Fargo’s predatory actions or who wants to participate in the Wells Fargo Justice Campaign should contact NACA by emailing email@example.com.
CHARLOTTE OBSERVER: http://www.charlotteobserver.com/news/business/banking/bank-watch-blog/article146485339.html
ASSOCIATED PRESS: https://www.naca.com/Scripts/pdfviewer/web/viewer.html?pdffile=/media/80390/associates2070502.pdf
USA TODAY: https://www.naca.com/Scripts/pdfviewer/web/viewer.html?pdffile=/media/80394/usatoday20170502.pdf
NACA Media: https://www.naca.com/campaigns/wells-fargo/
About NACA (www.naca.com):
NACA is the largest HUD certified non-profit home ownership and community advocacy organization. NACA is the most effective organization in modifying mortgages and provides the best mortgage in the country. NACA CEO Bruce Marks was named Bostonian of the Year for 2007 because of his work in getting the major lenders and servicers to modify home loans for borrowers who come through NACA. See Bostonian of the Year. He has also testified before Congress on numerous occasions including September 12, 2000, being one of the first people to sound the alarm of the pending mortgage crisis. For more information go to www.naca.com.