Organized by National People’s Action, the action involved clergy, homeowners, students, family farmers, unemployed workers, immigrants and community leaders from 25 states, including the parents of an 11-year-old immigrant who was detained in a private prison.
According to a statement released by NPA, Wells Fargo is a major investor in the two largest private prison operators in the country, the Corrections Corporation of America (CCA) and the GEO Group. These companies fill their prisons by spending millions of dollars on lobbying to keep the immigration and criminal justice systems broken.
Wells Fargo borrows from the federal government at virtually 0 percent interest, lends it to private prison companies at interest rates as low as 3 percent, all while charging their own customers an average of 276 percent interest on their account-based payday loan product, services that have long been accused of trapping the poor and minorities in circles of never ending debt.
Last month, protesters attempted to attend a Wells Fargo’s shareholder meeting in San Francisco last month to let CEO John Stumpf know his bank’s practices were hurting the 99% and people of color in particular. Stumpf’s response was to have the shareholders arrested.
Check back for more on this action as information becomes available.
Top image via @ruthjschultz on Twitter