Wells Fargo's relationship with NRA is 'declining': CEO [Yahoo! Finance News]
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Source: Yahoo! Finance News
FILE PHOTO: FILE PHOTO: Wells Fargo Bank branch is seen in New YorkBy Imani MoiseReuters) - Wells Fargo & Co's relationship with the National Rifle Association NRA) is "declining," Chief Executive Charles Scharf told investors on Tuesday."I don't think we participate any longer in the organization's line of credit and mortgage loan commitments," Scharf said at Wells Fargo's annual shareholder meeting, adding that the bank's exposure to the firearms lobbying group was minimal.Wells Fargo, the fourth-largest U.S. bank, has been quietly winding down its relationship with the NRA for nearly two years, a bank spokesman said. But Tuesday's comments marked a change in tone at the San Francisco-based lender, which has been known as one of the largest financiers of the firearms sector, even as other large bank rivals backed away.Past Wells Fargo executives defended the bank's relationship with the NRA and lending policies, saying that gun violence solutions should come from the government not
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