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.
