Wells Fargo Official Links Lending to Immigration Reform

Article author: 
Ronald W. Mortensen
Article publisher: 
Oye Times
Article date: 
22 January 2014
Article category: 
National News
Article Body: 

According to a Utah Policy report, during a pre-legislative CEO briefing at the Salt Lake Chamber, Dave Golden, the head of Wells Fargo Bank's western commercial lending division and an influential member of the Salt Lake Chamber, said that bankers won't start lending until they see stability and certainty in tax policy, immigration reform, health care, and debt management.

Including immigration reform among the conditions for banks to start lending is consistent with Wells Fargo's long-standing emphasis on gaining the business of individuals who are unlawfully in the United States [illegal aliens] and who rely on the Mexican "matricula" card for identification to open bank accounts.

According to a 2102 report:

A 2004 [Business Week] article on Wells Fargo and its banking practices predicted that one of its fastest growing markets would be Mexican-Americans and Mexicans in the Southwest United States, and noted that the bank was already tailoring its products to accommodate this group.

In particular, Wells Fargo's regional president, Shelley Freeman, told BusinessWeek, "...We started accepting the matricula card in November 2001. Since then, we've opened 250,000 new accounts from people using the card as ID."

During the first three months of 2004, about 22,000 people a month opened Wells Fargo bank accounts using "matricula" cards.

The company also created a program with the Mexican branch of HSBC to send remittances; teamed up with the U.S. Hispanic Chamber of Commerce to create a loan program for Hispanic business owners; and formed Wells Fargo Amigos, a 200-person group focused on building connections with the Latino community...

 ...is Wells Fargo holding billions of dollars in reserve in order to help pressure politicians to pass immigration reform [amnesty for illegal aliens]?...


CAIRCO Research

Remittances - a massive transfer of wealth out of America

Remittances - a Massive Transfer of Wealth, Fred Elbel. The Social Contract, Spring 2009

The Mexican matricula consular ID card: safe or sorry? (2003)