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Calls to rename Wells Fargo Center after $1bn fine

Councilwoman calls for renaming of Wells Fargo Center after namesake company receives record breaking fine

By Jamie Raybould on 01 May 2018

Wells Fargo Center

Wells Fargo Center


image © Shinya Suzuki

Philadelphia councilwoman Cindy Bass is urging Comcast Spectacor, the owner and operator of the Wells Fargo Center, to change the name of the venue, after the recent $1 billion fine against Wells Fargo by the Consumer Financial Protection Bureau (CFPB).

The bank’s actions have caused controversy in the past, after breaking the law by charging some consumers too much over mortgage interest rate-lock extensions and by running a mandatory insurance programme that added insurance costs and fees into some borrowers’ car loans. The fine, the biggest in the CFPB’s history, was announced earlier this month.

“It’s time to consider renaming the Wells Fargo Center, so that some of Philadelphia’s most prominent sporting, arts and cultural events aren’t sullied by an institution with a harmful reputation.”

Bass tells Philly Voice: “Comcast Spectacor represents one of the best businesses Philadelphia has to offer. On the other hand, the city of Philadelphia took its payroll services out of Wells Fargo, and then sued the bank for discriminatory mortgage lending practices.

“It’s time to consider renaming the Wells Fargo Center, so that some of Philadelphia’s most prominent sporting, arts and cultural events aren’t sullied by an institution with a harmful reputation.”

The venue was opened in 1996, and is often used for music events as well as sporting events. It has a capacity of 21,000, and has played host to acts ranging from Ray Charles, to Oasis, to Guns N’ Roses.

 


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