Rep. Stansbury Fights for Workers’ Rights

ALBUQUERQUE—Congresswoman Melanie Stansbury (NM-01) authored a letter urging the Federal Reserve to protect workers in Wells Fargo branches and demand banking institutions follow the laws. It was sent to Michael S. Barr, Vice Chair for Supervision on the Board of Governors of the Federal Reserve System and Michael J. Hsu, Acting Comptroller for the Office of the Comptroller of the Currency.  

24 Members of Congress signed the letter.  

“In the last five years, there have been numerous complaints filed citing the failure to respect workers protected right to freedom of association and collective bargaining. The lack of regard for this right not only puts the thousands of frontline workers at risk but also the soundness of Wells Fargo,” the lawmakers wrote. “Wells Fargo has demonstrated by their behavior that the safety and care of their workers is not a priority in the bank's functions.”  

On December 20, 2023, workers at Wells Fargo's Eldorado branch in Albuquerque, New Mexico, voted to become the first branch in the bank's entire history to form a union.  

Since then, a majority of workers in at least 18 additional Wells Fargo branches in 11 different states have voted to form unions.  

There have been 16 Unfair Labor Practice (ULP) charges filed against Wells Fargo with the NLRB alleging relentless unlawful conduct, including arbitrary discipline, coercion, and unilateral changes in the terms and conditions of employment. 

“We know managers unlawfully enforced coercive and threatening policies and rules, including tearing down union flyers and implying that workers would be reprimanded for posting them,” the lawmakers continued. “We urge the Federal Reserve to continue investigating this matter to ensure that additional steps are taken to protect the voices of thousands of workers and guarantee that their treatment is conducive to a fair and lawful environment.” 

Find the full text of the letter here and below:  

Dear Vice Chair Barr and Acting Comptroller Hsu:

We are writing to express our growing concern regarding the treatment of Wells Fargo bank workers nationwide. In the last five years, there have been numerous complaints filed citing the failure to respect workers protected right to freedom of association and collective bargaining. The lack of regard for this right not only puts the thousands of frontline workers at risk but also the soundness of Wells Fargo. Wells Fargo has demonstrated by their behavior that the safety and care of their workers is not a priority in the bank's functions. Accordingly, we ask for extended consideration of the treatment of workers from Wells Fargo and a written response addressing the efforts of guidance given to the corporation to ensure compliance with laws and regulations.  

Empowered workers are vital for strong and resilient financial institutions. No bank exemplifies this need more than Wells Fargo, but in recent history, this core principle has been absent. The lack of proper controls to effectively manage increased productivity pressures has caused an ineffective and pressure-ridden environment for frontline employees. Wells Fargo branches across the nation have raised concerns over the bank’s staffing model, which has been cited as understaffed, counterproductive, and stress-inducing for workers. Several branches have reported misconduct, such as lack of training, verbal threats, and short staffing to the point of operating without key federal-mandated employees such as branch managers. To not only protect themselves, but to ensure that the day-to-day functions of a banking institution that manages of $1 trillion in American finances, workers have gathered to use their federally protected right to freedom of association. 

On December 20, 2023, workers at Wells Fargo's Eldorado branch in Albuquerque, New Mexico, voted to become the first branch in the bank's entire history to form a union. Since then, a majority of workers in at least 18 additional Wells Fargo branches in 11 different states have voted to form unions. Practically every week, workers at more branches petition the National Labor Relations Board (NLRB) to conduct elections. 

Unfortunately, employees have faced continuous pushbacks from Wells Fargo executives in response to these efforts. We know managers unlawfully enforced coercive and threatening policies and rules, including tearing down union flyers and implying that workers would be reprimanded for posting them. There have been 16 Unfair Labor Practice (ULP) charges filed against Wells Fargo with the NLRB alleging relentless unlawful conduct, including arbitrary discipline, coercion, and unilateral changes in the terms and conditions of employment. In October of last year, Committee Chair Senator Sherrod Brown sent you a letter outlining some of these cases with no response to date.  

In order to ensure adequate actions are being taken to address these concerns, we request a detailed written response to ensure an answer to the inquiries below to guarantee supervision and effective action on Wells Fargo activities as they relate to the following and reporting of violations of Federal Labor Law.  

• Please describe the current methods by which the Fed/OCC ensures banks’ compliance with relevant federal labor laws, as well as the extent to which the Fed OCC coordinates with federal labor regulators such as the National Labor Relations Board on these issues? 
• What actions are the Fed/OCC taking to address these instances of certain banks like Wells Fargo violating federal labor laws and thus jeopardizing the unity of operations within the bank? 
• How has the Fed/OCC responded to Wells Fargo’s alleged violations of federal labor law to date?  
• What are the methods through which the Fed/OCC are alerted to potential violations of relevant federal labor laws? 
• What steps have/will the Fed/OCC take to ensure Wells Fargo’s compliance with directives from the NLRB to correct for previous violations of Wells Fargo employees’ statutory rights to collectively bargain and organize? 

We urge the Federal Reserve to continue investigating this matter to ensure that additional steps are taken to protect the voices of thousands of workers and guarantee that their treatment is conducive to a fair and lawful environment. We request a timely response to this letter by September 30th, 2024. Thank you for your diligent work to resolve these discrepancies and violations. 

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