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Source: 30dB.com – Wells%20Fargo
Last Thursday the American Federation of Teachers cut ties with Wells Fargo due to the bank’s relationship with the National Rifle Assn. The 1.7 million AFT will no longer designate Wells Fargo as its officially recommended mortgage lender. The next day, Wells Fargo agreed to pay the Consumer Financial Protection Bureau $1 billion for charging thousands of auto loan customers for insurance they didn’t need. Protesters picketed Tuesday’s shareholder meeting in Des Moines, and California Treasurer and gubernatorial candidate John Chiang called for the removal of Tim Sloan, the bank’s CEO. Sloan hasn’t given up his seat, though, and said that rebuilding customer trust is his top priority. “Work is well underway to address the risk-management issues we have at our company,” Sloan said. However, Twitter users say Sloan’s words have no credit with them. Wells Fargo gets 71 percent negative opinions on the social media platform, with many saying that harsher punishment than the $1 billion fine is needed. –Hugo Guzman
Republished from 30dB