In October 2020, and due to Wells Fargo’s documented prior practice of creating over two million fake bank and credit card accounts, Supervisor Simitian questioned County staff about maintaining the County’s operational banking relationship with Wells Fargo & Company. At that time, the County’s five-year contract with Wells Fargo for operational banking services was ending. County staff recommended a new five-year contract, however Supervisor Simitian pushed for a one-year contract term and direction to Administration to pursue a new request for proposal (RFP) process that also incorporated the County’s social responsibility and anti-fraud contract provisions. The Board of Supervisors agreed and approved this approach.
The revised RFP was distributed in February 2021 with more robust corporate social responsibility requirements as well as a more expansive section about fraud protection measures. Wells Fargo remained the County’s banking partner during the RFP process, and in September 2022, the Board of Supervisors awarded a new five-year contract for operational banking services to JPMorgan Chase which met the social responsibility and anti-fraud requirements.
This work built on prior work Supervisor Simitian undertook in 2016 in the immediate aftermath of the public disclosures about Wells Fargo’s practice of creating over two million bank and credit card accounts.
