Posted by on May 3, 2018 in Featured

Wells Fargo is Disqualified from Banking with Los Angeles

Wells Fargo is Disqualified from Banking with Los Angeles

Press release statement from Divest LA May 2nd, 2018

Los Angeles, CA – BREAKING!!! We just OFFICIALLY confirmed that Wells Fargo is disqualified from banking with the City of Los Angeles! Wells Fargo DID NOT submit a Request for Proposal (RFP), the banking contract for the City’s commercial banking services. As a result of the divestment movement, Wells Fargo was blocked from submitting an RFP due to their “unsatisfactory” Community Reinvestment Act rating.

After a year-long grassroots campaign to push Los Angeles to create greater socially responsible guidelines for our public finances, we are proud that LA City Council and the Office of Finance stood alongside the people of L.A. to redirect public funds into more ethical financial institutions. The City has also adopted a new 30-point Social Responsibility scoring system for all banks, making it the most progressive Request for Proposal contract in the nation.

#DivestLA is a true testament of people-power in action, with Indigenous, environmental, and social justice allies, rallying throughout the campaign, pushing a solution-focused agenda to put power back into the hands of the people.

Get ready for evolution of the divestment movement! The ULTIMATE form of divestment is for the City of Los Angeles to divest from all Wall Street banks by creating a publicly-owned city bank, 100% accountable to the needs of our local communities. Join the movement with the Public Bank Los Angeles campaign!