Wells Fargo scandal may force New York City to find new bank
City rules may require New York to yank its deposits from Wells Fargo, one of 20 banks approved to hold the city’s cash.
A commission is set to meet next week to decide which banks are approved for city deposits for the next year — and advocates point to the city’s own rules to argue officials are legally required to bump the embattled bank from the list.
Wells Fargo — embroiled in a scandal over the creation of up to 2 million fake accounts — was knocked down to a “needs improvement” rating by federal regulators in March under the Community Reinvestment Act, citing an extensive pattern of discriminatory and illegal lending practices.
New York City rules say that in order to be designated to get government deposits, a bank must have at least a “satisfactory” rating.
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