Wells Fargo defends lending to gun industry amid pressure to back off

By Daniel Terrill

In 1980, Wells Fargo had ATM machines in 50 locations. (Photo: Wells Fargo via Facebook)
Wells Fargo & Company defended business practices after a national teachers’ union threatened cut ties with the bank if it continued investing in the National Rifle Association and gun makers.
The American Federation of Teachers on Friday published an exchange with Wells Fargo that began with AFT president Randi Weingarten saying if the bank continued in the “arms business” then the organization would “dump” its Well Fargo mortgage program. The program has directed more than 20,000 members to the bank’s services.
Weingarten’s initial letter listed questions asking the bank to clarify its involvement with gun businesses. Wells Fargo has reportedly become the preferred financier for the U.S. firearm industry. The bank has helped two of the biggest publicly traded gun companies with $431.1 million in loans and bonds since the 2012 Sandy Hook school shooting and has held a longterm relationship with the NRA by providing the gun lobby a $28 million credit line.
In response to AFT’s ultimatum, Wells Fargo chief executive Tim Sloan said his bank has “a strict due diligence process” to ensure gun manufacturers comply with both state and federal law before accepting them as

Source: Guns.com