(Jacksonville, FL) On Tuesday April 25th in Jacksonville FL, NACA, the nation’s largest housing and community advocacy organization, is taking action at Wells Fargo’s annual meeting to hold Wells Fargo executives and board members accountable for the bank’s predatory practices.
NACA’s Wells Fargo Justice Campaign mobilizes Wells Fargo customers, employees, and other supporters in a nationwide multifaceted campaign. The campaign identifies Wells Fargo account holders who had accounts established without their knowledge and others who have been exploited by the bank’s predatory practices. NACA’s campaign also demands that Wells Fargo address their downgraded “Needs to Improve ” rating by the government, the worst of any major bank, by providing mortgages and credit to low-moderate income people and communities. NACA will refer people to and work with State Attorneys General and others to seek legal action to prosecute Wells Fargo for its abuses and hold its executives and board of directors personally accountable for the bank’s actions.
NACA has hundreds of thousands of members who collectively have more than $18 BILLION in balances with Wells Fargo in bank accounts, car loans, student loans, personal loans and mortgages. NACA is reaching out to these members to provide them the opportunity to divest from Wells Fargo. Bruce Marks, NACA Founder and CEO, states, “This gives working people enormous consumer power to hold Wells Fargo’s accountable.” He continues “Wells Fargo executives and directors are ultimately responsible for the bank they are changed with directing, and they need to be held personally responsible. Nearly all of the current executives and board members were serving in their positions during the time millions of phony accounts were being created. Now they want to continue in their positions despite violating their fiduciary responsibilities by either participating in this criminal behavior or incompetently failing to identify it. The questions that must be addressed at the annual meeting are: Why are they still on the board? Why are they still being paid, and most importantly, why are they being re-nominated?”
NACA is also reaching out to current and previous Wells Fargo employees, many of whom were similarly exploited by Wells Fargo during this scandal. NACA encourages them to join this campaign and participate in legal actions. The additional outreach includes NACA’s two million members, and anyone who was a victim of the phony account scandal or otherwise exploited by Wells Fargo. NACA encourages them to move their accounts from Wells Fargo to other institutions, file a complaint with their state’s Attorney General, join private lawsuits, and participate in upcoming demonstrations and other actions against Wells Fargo.