WASHINGTON - April 12 - For the Wells Fargo shareholders meeting on April 25, several shareholders, who are members of Responsible Wealth, have given up their proxies so that customers can present their complaints about overpriced loans to the Board, management and shareholders.
While these customers are inside pressing shareholders to vote for a resolution, the sidewalk outside the San Francisco meeting will fill up with sharks loan sharks, that is. Picketers will be wearing shark costumes, carrying inflatable sharks and handing out multi-colored gummy sharks as they ask Wells Fargo to explain the racial disparities in the cost of its loans.
Last year, ACORNšs analysis of Wells Fargošs Home Mortgage Disclosure Act report revealed that African-Americans and Latinos were 3.9 times and 1.7 times more likely than whites to receive a high-cost loan, respectively.
The resolution, filed by Responsible Wealth members, Amnesty International USA, and the Unitarian Universalist Service Committee, would require the company to explain the racial and ethnic disparities in the cost of its loans. The resolution text online.
ACORN and Responsible Wealth have been running a national campaign against Wells Fargošs predatory practices for four years. As a result, the bank has changed certain lending policies, such as reducing prepayment penalties and eliminating mandatory arbitration.
Responsible Wealth, a project of United for a Fair Economy, is a national network of affluent Americans concerned about deepening economic inequality.
ACORN, the nationšs largest community organization of
low- and moderate-income families, has a national predatory lending campaign.