“In the wake of a devastating economic downturn brought on and perpetuated by the greed and predatory lending practices of the nation's largest banks, there is a new trend sweeping the nation: local communities marshalling their economic power to push on these same banks to help them recover...” (piconetwork.org)
Wells Fargo is the bank responsible for the most foreclosures in the State of Minnesota. The ongoing foreclosure crisis has torn the Twin Cities apart, leaving some neighborhoods with foreclosure rates of over 50% while thousands of families have been displaced and left without a place to live. In order to live up to its core institutional values, Macalester cannot continue to bank with Wells Fargo.
By moving our money out of Wells Fargo and into an ethical banking institution, we will not only be sending a signal to Wells Fargo that we refuse to work with institutions that tear apart our community, we will also strengthen Macalester’s commitment to serving our community through our relationship with a bank that aligns with our values. We will determine which bank through a transparent, community run Request For Proposals (RFP) process.