SANTA FE, N.M. (AP) – Santa Fe is looking to spread its city accounts to community banks and credit unions now that its contract with Wells Fargo is set to expire in December.
The Santa Fe New Mexican reported Tuesday that the city wants to spread about $210 million in various accounts to community banks and credit unions.
The city has put out a request for proposals for banking services. City officials say community reinvestment practices, local employment and financial education will all come into play.
Wells Fargo has been under federal scrutiny for alleged fraudulent account practices.
The city’s spokesman says community advocates have been concerned about those claims and Wells Fargo-backed projects threatening the environment.
A bank official, however, says the city’s money might remain with Wells Fargo.