House Bill 2 Repeal Stalls; Wells Fargo Under Scrutiny
An update on how Charlotte City Council reacts to a possible repeal of HB2 contingent on their repeal of a local ordinance. Followed by a look at what recent revelations of unscrupulous behavior at Wells Fargo may mean for big banks.
HB 2 Repeal Stalls
A flurry of weekend activity surrounding North Carolina’s House Bill 2 culminated Monday night at the starting point of the transgender rights battle – Charlotte city hall. Republican leaders in Raleigh said if the city would repeal its non-discrimination ordinance, the General Assembly could be called back for a special session to repeal HB 2 in hopes of luring back the athletic events that were yanked from the Tar Heel state. But Mayor Jennifer Roberts said the council wouldn’t take up the offer, and put the ball back in the court of state lawmakers and Governor Pat McCrory. Where does the standoff between the city and the state stand?
Tom Bullock - reporter, WFAE News
Wells Fargo Under Scrutiny
The Wells Fargo wagon has hit a rocky path after revelations of employees setting up millions of unauthorized accounts in order to hit sales goals and secure bonuses. Many blamed it on a high-pressure sales climate at Wells Fargo, whose largest employee base is in Charlotte. But the bank’s CEO insists “there was no incentive to do bad things,” and that the blame lies with rogue employees who have been fired. Still, the bank is getting rid of some of the “cross-selling” practices at the center of the scandal and Wells has reached a nine-figure settlement with authorities.
The dust hasn’t settled, though, as the CEO, John Stumpf, heads to Capitol Hill Tuesday, and it has put banking oversight back in the spotlight, eight years after The Great Recession.
Nancy Bush - banking industry analyst, NAB Research