Wells Fargo Mostly Mute on their Relationship to the NRA

In 2018, Bloomberg News reported some amazing facts regarding Wells Fargo, one of the nation’s largest banks.

The San Francisco-based bank last week issued a $40 million line of credit to gun manufacturer Sturm, Ruger & Co., according to financial filings. That’s on top of the $431 million in debt that Wells Fargo has arranged for gunmakers since December 2012, when the Sandy Hook school shooting escalated the gun control debate. No other bank lent more to the industry over that time, according to data compiled by Bloomberg. [efn_note]Bloomberg.com, Polly Mosendz, Hannah Levitt, October 5, 2018 – Wells Fargo, the NRA’s Bank, Doubles Down on Gun Industry[/efn_note]

In a recent article on Yahoo! Finance, Wells Fargo seems to downplay this relationships.

Wells Fargo (WFC), one of the largest U.S. banks, has downplayed its relationship with the National Rifle Association, as big business’ ties to the gun industry come under renewed scrutiny in the wake of two mass shootings. Amid a rash of gun violence, Wells Fargo and other financial institutions have been criticized for financing lines of credit for gun manufacturers — as well as for their links to the nation’s most prominent Second Amendment lobbying group. [efn_note]Yahoo! Finance, Calder McHugh, August 7, 2019 – Wells Fargo downplays NRA links after El Paso, Dayton shootings[/efn_note]

The facts seem to prove a somewhat unclear picture.

Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry. [efn_note]Bloomberg.com, Shahien Nasiripour, Polly Mosendz, Brandon Kochkodin, March 7, 2018 – Wells Fargo Is the Go-To Bank for Gunmakers and the NRA[/efn_note]