Wells Fargo is active in many financial services industry and general business trade associations. Trade groups often determine industry public policy consensus but our participation in these groups comes with an understanding that we may not always agree with every position taken. In instances where we disagree with trades of which we are members, we are committed to sharing our perspective in a constructive manner, working within the organization’s structure toward greater alignment on policy issues important to Wells Fargo and our stakeholders.
Decisions about our involvement with public policy-oriented trade groups are made by Wells Fargo's Government Relations and Public Policy and business and enterprise functions leaders. Wells Fargo’s public policy-oriented trade association memberships are approved initially and annually thereafter by the head of GRPP to determine whether membership is warranted based on the company’s evolving business goals and strategies. At least annually, the Corporate Responsibility Committee (CRC) of the Wells Fargo Board of Directors receives an update from the Head of Government Relations & Public Policy (GRPP) on the Wells Fargo’s principal public policy-oriented trade association memberships.
We prohibit trade associations and groups of which we are a member from using our corporate funds for campaign and election activities. We inform these organizations of our policy prohibiting the use of membership dues and fees for contributions to candidate committees, independent expenditure committees, or other direct or indirect contributions to election campaigns, and expect them to adhere to it. We are not members of any tax-exempt organization in the U.S. that is primarily organized to write, endorse, and promote model legislation.
Wells Fargo publishes a list of the principal financial services industry trade associations that received membership dues from Wells Fargo and its subsidiaries. Based on information reported to us, the amount of dues designated by the organizations as attributable to Wells Fargo and used for lobbying was approximately $1.7 million during the most recent membership period. Here is a list of our principal financial services industry trade associations (PDF) and the percentage of membership dues spent on lobbying, as reported to Wells Fargo by each organization.