By John Glidden
In direct response to a scandal which rocked Wells Fargo recently, the Vallejo school board during its Dec. 7 organizational meeting directed staff to seek another institution as the district’s designated bank.
Staff had recommended that the Vallejo City Unified School District continue to keep its clearing and revolving accounts, along with the student body and scholarship funds with Wells Fargo.
On Sept. 8, the San Francisco-based bank was hit with $185 million in fines for the scandal, in which Wells employees, under pressure to hit sales targets, secretly opened as many as 2 million bogus accounts and funded them with customer money. The fines were imposed in a settlement with the federal Consumer Financial Protection Bureau and two other agencies.
Cecile Nunley, the district’s chief business officer, said during the meeting that the bulk of VCUSD’s funds are handled through Solano County.