PHILADELPHIA – January 17 – Councilwoman Cindy Bass (8th District) praises the U.S. District Court decision to allow Philadelphia’s case against Wells Fargo to move forward.
“Wells Fargo has a history of systematically and discriminately targeting African-American and Latino communities with predatory home loans. This practice, sometimes called ‘reverse redlining,’ has damaged our communities by contributing to home foreclosure, blight, and crime, and continues to plague black and brown residents with economic hardship. That’s why I applaud U.S. District Judge Anita Brody for her decision to allow the City of Philadelphia lawsuit against Wells Fargo bank to proceed into discovery.
After I called for hearings on the impact of Wells Fargo’s unethical banking practices on Philadelphians in 2016, City Council ultimately moved to remove the City’s $2 billion payroll from the bank. Corporations must be held responsible for their actions. Just as you and I are expected to be good citizens in our communities, corporations doing business with the City are expected to be good corporate citizens. From opening customer accounts without their consent to pushing people of color into unstable home loans, Wells Fargo continues to exploit citizens for the bank’s own financial gain. I say, no more! Philadelphia consumers need to be protected.
I applaud Mayor Jim Kenney and City Solicitor Sozi Tulante for their pursuit of this lawsuit and look forward to the outcome of the litigation.”
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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.