Wells Fargo Fights to Keep City Account

While city leaders consider  and opting instead for a local bank or credit union, the fourth largest banking institution in the country says it is "committed to the city of Berkeley."

"We are working with local leaders to support the community and help people who are facing financial challenges," said Wells Fargo's Assistant Vice President of Communications Ruben Pulido in a statement.

A city recommendation to drop the banking giant will be considered at Tuesday evening's council meeting. The proposal from Councilman Darryl Moore, and Councilman Jesse Arreguin cites Wells Fargo's part in the subprime lending crisis and "unethical practices" that contributed to national economic collapse.

The proposal also refers to a "large number" of foreclosures in Berkeley, "which have resulted in families losing their homes" and have affected the stability of the city's neighborhoods. 

In a response statement, Wells Fargo says it has been working "diligently with customers to find solutions that prevent foreclosures" and has donated more than $3 million to 89 nonprofits in Berkeley over the past three years. 

The bank claims that less than 2 percent of its homeowner-occupied loans in the past year have proceeded to foreclosure sale, and that Wells Fargo currently owns less than 10 properties in the Berkeley market.

Do you think Berkeley should move its bank account from Wells Fargo to a local bank or credit union? Take the poll and share your thoughts in the comments.