PHILADELPHIA – April 26 – Councilwoman Cindy Bass (8th District) introduced Thursday a resolution calling on Comcast Spectacor to consider renaming the Wells Fargo Center in the wake of Wells Fargo Bank’s unethical business practices.
Comcast Spectacor is the Philadelphia-based sports and entertainment company that owns the Wells Fargo Center.
“Comcast Spectacor represents one of the best businesses Philadelphia has to offer,” Councilwoman Bass said. “On the other hand, the City of Philadelphia took its payroll services out of Wells Fargo, and then sued the bank for discriminatory mortgage lending practices. It’s time to consider renaming the Wells Fargo Center, so that some of Philadelphia’s most prominent sporting, arts, and cultural events aren’t sullied by an institution with a harmful reputation,” Councilwoman Bass said.
Last week, Wells Fargo was fined $1 billion by the Consumer Financial Protection Bureau, a record fine for the federal regulators. The fine comes after the bank forced unnecessary insurance costs onto hundreds of thousands of its auto loan customers, sometimes resulting in customers having their cars repossessed. Councilwoman Cindy Bass was an early and outspoken critic against Wells Fargo and passed a resolution to examine removing Wells Fargo as a City depository. Soon thereafter, City Council voted to remove the City’s $2 billion payroll services from the institution.
“As soon as one Wells Fargo scandal is addressed, another one is discovered,” Bass said. “It’s clear to me that this bank does not represent the spirit and values of Philadelphia, and I urge Comcast Spectacor to reconsider the naming rights it holds with the bank.”
Several cities including Los Angeles, Sacramento, Baltimore, Memphis, Minneapolis, Seattle and New York City have distanced themselves from or taken action against Wells Fargo because of the bank’s unscrupulous business practices.
“The list of Wells Fargo’s infractions goes on and on. A corporation that injures our communities and our constituents should not be able to do business with the City, let alone have its name on a Philadelphia institution as important as what’s now called the Wells Fargo Center,” Bass said.
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Councilwoman Cindy Bass represents the 8th Council District, which includes Germantown, Mt. Airy, Nicetown, Tioga, Chestnut Hill, portions of Logan, and West Oak Lane. She is Chair of Council’s committees on Parks, Recreation and Cultural Affairs and Public Health and Human Services.