Wells Fargo Confirms Adherence to Federal Laws Regarding Marijuana-Related Activities
SAN FRANCISCO--(BUSINESS WIRE)--Aug 22, 2018--In recent days, there have been assertions that Wells Fargo (NYSE: WFC) elected to close an account in Florida because of our presumed political viewpoint regarding medical marijuana. That assertion is completely false. The company has no political position on the matter.
As a national bank that is federally regulated, Wells Fargo must comply with federal law on the topic of marijuana, even in instances where state laws may differ. Since federal law prohibits the sale and use of marijuana, national banks like Wells Fargo may not knowingly bank or provide services to marijuana businesses or for related activities.
While we recognize that resolving the differences between federal and state laws on this matter has become an industry problem, we make these decisions based on the requirements of federal law and not because of any political view on the topic.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 8,050 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 38 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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Bridget Braxton, 704-572-6647
John Campbell, 415-396-0523
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA FLORIDA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING
SOURCE: Wells Fargo & Company
Copyright Business Wire 2018.
PUB: 08/22/2018 05:12 PM/DISC: 08/22/2018 05:12 PM