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File #: 200533    Version: 0 Name:
Type: Resolution Status: IN COUNCIL - FINAL PASSAGE
File created: 10/1/2020 In control: CITY COUNCIL
On agenda: Final action:
Title: Calling on Comcast Spectacor to reconsider its naming rights agreement with Wells Fargo based on its history of unethical banking practices.
Sponsors: Councilmember Bass, Councilmember Brooks
Attachments: 1. Resolution No. 20053300
Title
Calling on Comcast Spectacor to reconsider its naming rights agreement with Wells Fargo based on its history of unethical banking practices.

Body
WHEREAS, The Wells Fargo Center is the home arena of the Philadelphia Flyers, Philadelphia 76ers, Philadelphia Soul, and the Philadelphia Wings, in addition to being the site of many notable athletic events, two political conventions, and a regular venue for concerts; and

WHEREAS, Since opening in 1996, the arena has been known by a number of different names through naming rights deals and bank mergers, including CoreStates Center from 1996 to 1998, First Union Center from 1998 to 2003, and Wachovia Center from 2003 to 2013. Since 2013, naming rights have been held by Wells Fargo, after their merger with Wachovia; and

WHEREAS, The Wells Fargo Center is owned by Comcast Spectacor, a Philadelphia-based sports and entertainment company, and is operated by its arena management subsidiary, Spectra; and

WHEREAS, Wells Fargo has faced and settled numerous predatory lending cases filed by American cities and the federal government, beginning in 2012 where it agreed to pay $175 million in a multi-state settlement with the U.S. Department of Justice in response to issues of discrimination related to the bank's subprime mortgages; and

WHEREAS, In September 2016 Wells Fargo was issued a combined total of $185 million in fines for creating over 1.5 million fraudulent checking and savings accounts and 500,000 credit cards that its customers never authorized; and

WHEREAS, In the aftermath of the account scandal, states and cities across the country- including New York City, Seattle, California, and Illinois-suspended billions of investment contracts with Wells Fargo; and

WHEREAS, In October 2016 Philadelphia City Council passed a resolution, sponsored by Councilwoman Cindy Bass, on the feasibility of removing Wells Fargo as one of the City's depositories; and

WHEREAS, In April 2017 Philadelphia City Council unani...

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