The Los Angeles City Council Office of Finance has officially confirmed that the city will not renew their commercial banking contract with Wells Fargo Bank! Wells Fargo did not submit a Request for Proposal (RFP) banking contract after Los Angeles City Council’s unanimous vote on December 13, 2017, to enforce a minimum Community Reinvestment Act (CRA) rating of “Satisfactory” for banks bidding on the City’s contracts. Wells Fargo has a substandard federal CRA rating of “Needs to Improve,” and therefore unable to participate in the city’s bidding process. The latest confirmation provides an incredible moment for our volunteer-led movement of grassroots organizers, Indigenous, environmental and social justice allies, who went up against one of the most powerful banks in the country... and won. The Divest LA movement's continuous advocacy to strengthen the City's socially responsible banking guidelines, also resulted in the Budget and Finance Committee and the Office of Finance creating a 30-point RFP scoring system- the boldest and most progressive banking contract in the country. In addition, LA City Council will now unbundle over 800 financial accounts with Wells Fargo. On the tailwinds of our success in evicting Wells Fargo from Los Angeles, the movement is now organizing for the next phase of the campaign: Public Bank LA. We envision the ultimate form of divestment as a push for the City of Los Angeles to divest from all predatory and extractive Wall Street banks by creating a publicly-owned city bank, 100% accountable to the needs of local communities. Visit us at publicbankla.com to learn more about our campaign to redirect Los Angeles' funds from the coffers of big private banks back into our city to finance low-income housing, green energy infrastructure, solutions for homelessness, and serving the needs of unbanked and underbanked populations. Read and sign our Public Bank LA Change.org petition as we surge forward onto the next victory to divest Los Angeles from Wall Street! http://change.org/publicbankla Thank you for your incredible support. Onwards!!! Our article on Medium: https://medium.com/@revolutionla/wells-fargo-disqualified-from-commercial-banking-in-los-angeles-924b7d5f0141