Davis to sever ties with Wells Fargo over Dakota pipeline, banking practices

The Davis City Council voted late Tuesday to sever ties with Wells Fargo after residents voiced concerns about the company’s involvement in the controversial Dakota Access pipeline and regulators last year found the bank created unauthorized consumer accounts.

City Council members voted 5-0 to seek a new bank – or possibly a credit union – to handle the city’s finances.

They said they were responding to residents who took particular issue with Wells Fargo’s role as a financier of the Dakota pipeline, as well as a scandal regulators uncovered last year in which the bank set up bank accounts for consumers without their knowledge. Some council members said they wanted to direct the city’s financial business toward a smaller bank based locally.

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