Essex County Withdraws All Accounts From Wells Fargo Citing “Predatory Lending Schemes”


Essex County is withdrawing all of its accounts from Wells Fargo because of predatory lending schemes and aggressive foreclosure practices by the banking giant, announced Essex County Executive Joseph N. DiVincenzo, Jr. on Wednesday.

Under DiVincenzo’s directive, Essex County began removing its accounts from Wells Fargo in mid-June. The County Executive’s public announcement comes shortly after it was discovered the banking giant foreclosed on over 600 customers who were denied the ability to modify their mortgages while they sought federal aid.

“The predatory lending schemes and aggressive foreclosure proceedings practiced by Wells Fargo destabilizes neighborhoods and has a negative impact on families and the community. In addition, the recent reports that Wells Fargo denied mortgage modifications and ultimately foreclosed on those properties are further evidence of the bank’s malicious and insensitive treatment of people who placed their trust and financial futures with the bank,” DiVincenzo said. “As a County government we cannot control how banks operate, but we can support our residents and homeowners by sending a strong message that Essex County will only invest its funds with institutions that have client-friendly business practices and support community building,” he added.

Essex County maintains accounts with 11 banking institutions. It had about $3.8 million with Wells Fargo.

Newsletter, Monthly Events, Special Features, Breaking News and More:

Get once-daily headlines, a monthly events calendar, and occasional special features and breaking news in your inbox.


  1. I suppose it would be inconvenient for Essex County to also mention that Wells Fargo invests in for-profit prisons considering all the money they are bringing in from ICE contract with the jail and all.

Baristanet Comment Policy:

Baristanet has specific guidelines for commenting. To avoid having your comment deleted -- or your commenting privileges revoked -- read this before you comment. Violators will be banned from commenting.

Report a comment that violates the guidelines to [email protected] For trouble with registration or commenting, write to [email protected]

Commenters on are responsible for all legal consequences arising from their comments, including libel, infringement of copyright or actions that threaten a third party. By submitting a comment, you agree to indemnify Baristanet LLC, its partners and employees from any legal action arising from your comments.

In order to comment on the new system, you need to register a new Baristanet account. To get your own avatar next to your comments, sign up at