It’s been a tough week for Wells Fargo.

Local governments are firing back at big banks funding fossil fuel infrastructure, especially those funding the Dakota Access Pipeline (DAPL), with Santa Cruz now following Seattle in going after Wells Fargo due to the bank’s support for the pipeline that threatens the the water supply of the Standing Rock Sioux Tribe.

Santa Cruz Council unanimously passed a resolution banning Wells Fargo for up to five years and divesting from any institution funding DAPL. Looking on the brighter side, the city is now looking for local, socially responsible banking options.

3. Resolution Guiding the Director of Finance to Divest City Funds from Wells Fargo Bank (CN) Resolution to immediately ban Wells Fargo Securities as the City’s broker dealer and terminate within 90 days any investment holdings with institutions funding the Dakota Access Pipeline for a period of five years (such as the Certificate of Deposit with Comerica Bank) and guide the City Finance Director to issue a new competitive request for proposals (RFP) no later than March 31, 2018 to qualified financial institutions to provide banking services to the City of Santa Cruz, and include socially responsible banking and fair business practices performance as a significant factor in that bidding process.

- Santa Cruz Council Agenda, Wednesday 4/25/17

This comes just a day after Wells Fargo’s board of directors narrowly escaped an attempted shareholder mutiny during a meeting which was disrupted by protesters upset about the fake account scandal as well as the bank’s ongoing funding of the Dakota Access Pipeline.

Wells Fargo claims to have learned from the global outrage over their funding of the Dakota Access Pipeline, saying “[a]s a result of issues that have arisen in this case, we have enhanced our due diligence…”, yet the company’s board advised shareholders to vote against a proposed Indigenous People’s Policy which calls on Wells Fargo “to develop and adopt a global policy regarding the rights of indigenous peoples which includes respect for the free, prior and informed consent of indigenous communities affected by WFC financing.”

The same day that Santa Cruz voted against Wells Fargo, even more unflattering news broke about the company:

Wells Fargo employees were ordered to “round up” undocumented immigrants and other workers and then herd them into branches so residents could be coaxed into opening checking accounts, court papers filed Wednesday claimed.

- Mercury News, 4/26/17

Seriously, this has got to be a tough week to be one of those executives at Wells. (Especially for those who learned that nearly half their shareholders want them off the board.)

But hey, it could be worse, right? If Wells Fargo thinks they took a lot of heat for their $467 million investment in DAPL or those millions of fake accounts, just wait until the carbon bubble pops and takes with it the bank’s “Oil and gas loan portfolio of $12.8 billion [report, p. 22]”; as even Citibank has acknowledged, the global losses when that bubble bursts will be enormous ( — YUGE!, in fact):

globally one-third of oil reserves, half of gas reserves and 80% of coal reserves would have to remain in the ground; we estimate that the total value of stranded assets could be over $100 trillion.

— Fast Company, 9/25/15

Who knows, maybe next week will be better and Wells will get serious about extracting themselves from the fossil fuel industry. We’re not holding our breath, though.