Wells Fargo Accused of Discriminatory Account Terminations

Attorneys General Demand Halt to Alleged Debanking Practices

Sixteen Republican attorneys general have accused Wells Fargo of abruptly closing customers’ accounts based on their political views. In a letter to CEO Charles Scharf, the AGs allege that the bank has engaged in “debanking” practices that violate state laws.

Alleged Political Bias

The AGs claim that Wells Fargo has targeted Republican candidates and gun industry participants for account termination. They question whether the bank will continue to close accounts based on other perceived political affiliations.

Legal Concerns

The AGs argue that Wells Fargo’s alleged actions may violate civil rights and unfair and deceptive practices statutes. They demand that the bank immediately cease its debanking practices and respond to their concerns by April 4th.

AGs Involved

The letter was signed by attorneys general from Montana, Arkansas, Idaho, Indiana, Kansas, Louisiana, Mississippi, Missouri, Nebraska, New Hampshire, Ohio, South Carolina, Virginia, West Virginia, Utah, and Wyoming.

Wells Fargo’s Response

Wells Fargo has not yet publicly responded to the allegations. The bank has previously denied engaging in discriminatory practices.