![Wells Fargo Reports Quarterly Earnings Rise 13 Percent Wells Fargo Reports Quarterly Earnings Rise 13 Percent](https://api.time.com/wp-content/uploads/2016/09/gettyimages-184066146.jpg?quality=85&w=2400)
The Chicago City Council approved on Wednesday a one-year freeze on city business with Wells Fargo over the bank’s fraudulent accounts scandal.
Chicago joins the states of Illinois and California in punishing Wells Fargo over the scandal, Reuters reports. In September, Wells Fargo agreed to pay $190 million in penalties and customer fees after staffers opened bogus accounts without the knowledge of its customers.
The city will suspend Wells Fargo banking services including bond underwriting and brokerage, according to Reuters. Chicago has payed the bank $19.5 million in fees since 2005.
“I hope this action by the city of Chicago will echo around the nation and make it clear to other institutions this conduct is unacceptable,” said Alderman Edward Burke, head of the the city council’s finance committee.
Illinois suspended $30 billion in state investment activity with the bank on Monday, while California declared a 12-month sanction against Wells Fargo in late September.
More Must-Reads from TIME
- Inside Elon Musk’s War on Washington
- Why Do More Young Adults Have Cancer?
- Colman Domingo Leads With Radical Love
- 11 New Books to Read in February
- How to Get Better at Doing Things Alone
- Cecily Strong on Goober the Clown
- Column: The Rise of America’s Broligarchy
- Introducing the 2025 Closers
Contact us at letters@time.com