WELLS FARGO OPENED 70 PERCENT MORE FAKE ACCOUNTS THAN ORIGINALLY THOUGHT

*****MEDIA ADVISORY*****

FOR IMMEDIATE RELEASE

 

CONTACT:

Tim Trumble, Media Coordinator, Cell: 617-947-2632; ttrumble@naca.com

Bruce Marks, NACA CEO, Cell: 617-835-4477; bmarks@naca.com

 

NACA CEO MOBILIZES WELLS FARGO CUSTOMERS & EMPLOYEES IN RESPONSE TO THEIR PREDATORY PRACTICES

OVER $17 BILLION IN ACCOUNTS HELD BY NACA MEMBERS

 

(Boston, MA – August 31, 2017) – The announcement that an investigation has discovered nearly twice as many unauthorized accounts at Wells Fargo as originally thought has further emphasized the need to make the Wells Fargo board of directors and executives personally accountable for the bank’s actions.

NACA has officially launched its Wells Fargo Justice Campaign, which seeks to enlist NACA’s 229,825 members who collectively have more than $17 Billion in Wells Fargo accounts, and other individuals to take action in light of Wells Fargo’s predatory practices.

“The continuing deluge of one scandal after another because of the predatory culture at Wells Fargo further demonstrates the need to seek justice for the millions of Wells customers who have been harmed by the bank”, noted NACA Founder and CEO Bruce Marks. The self-proclaimed “non-violent bank terrorist” openly challenged the Wells Fargo board of directors to disclose just how much they knew about the fake account scandal at the Wells Fargo Annual Meeting in April.

The Wells Fargo Justice Campaign (click here) is employing multiple strategies to hold Wells Fargo accountable for the damage it has inflicted on its customers and make Wells Fargo a more responsible and accountable financial institution. Wells Fargo account holders have enormous purchasing power and thus influence on Wells Fargo. NACA seeks to unite these customers with NACA members, Wells Fargo employees and other concerned people to participate in protests, join lawsuits, switch banks, and become a whistleblower where appropriate. This places them in the unique position to effect real change by sharing critical information through joining and supporting the Wells Fargo Justice campaign.

NACA’s Wells Fargo Justice Campaign began on April 25th when NACA CEO Bruce Marks and others confronted Wells Fargo CEO Tim Sloan and Chairman Stephen Sanger during the Wells Fargo’s annual meeting in Jacksonville, Florida.  Bruce Marks demanded answers in order to hold the CEO and their board of directors accountable but was forcibly removed.  To hear the confrontation at Wells’ annual meeting click here.

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 practices. 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 acknowledged they have been exploiting their customers and even their own employees for over 15 years through their improper practices. Their shallow apologies and cosmetic changes are not enough“. The government has taken an important step by downgrading Wells Fargo’s Community Reinvestment Act rating to “Needs Improvement”, which is the worst of any major bank, but much more needs to be done.

Follow the campaign at www.wellsfargojustice.com and on Facebook

 

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

CNN: https://www.naca.com/Scripts/pdfviewer/web/viewer.html?pdffile=/media/80393/cnn20170502.pdf

USA TODAY: https://www.naca.com/Scripts/pdfviewer/web/viewer.html?pdffile=/media/80394/usatoday20170502.pdf

CBS: https://www.naca.com/Scripts/pdfviewer/web/viewer.html?pdffile=/media/80391/cbs20170502.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 homeowner’s mortgages. See Bostonian of the Year. He 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.

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