12:50 p.m. From the Examiner:
In a letter written Tuesday, San Francisco Police Department Chief Greg Suhr said he met with city leaders and Occupy SF members at City Hall to establish guidelines for the ongoing demonstration in front of the Federal Reserve building on Market Street.
10:40 a.m. Statement from Wells Fargo:
Wells Fargo recognizes that Americans are demanding more from their financial institutions during these difficult economic times. We are committed to serving the financial needs of individuals and businesses, keeping credit flowing, and working to help those facing financial hardships find solutions.
In addition to repaying the U.S. government $25 billion for the TARP funds in December 2009, Wells Fargo paid an additional $1.4 billion in dividends to the US Treasury as well; that was a strong return on investment for the government.
Since 2009, we have conducted more than 716,000 active trial or completed mortgage modifications. In the past year, less than 1.5% of homeowner-occupied loans in our servicing portfolio have proceeded to foreclosure sale.
Wells Fargo is also lending to help small businesses grow and create jobs. For the first half of 2011, Wells Fargo made more than 67,000 loans totaling $7.5 billion in new loan commitments to small businesses nationwide – a 13% increase in dollars lent from the prior year.
--Ruben Pulido, Wells Fargo Spokesman
10:35 a.m. From Bay City News:
Religious and community leaders will hold a news conference in San Jose this morning to announce a number of divestments from major banks and to call on California Attorney General Kamala Harris to help hold banks accountable for the economic crisis.
Organizers said Most Holy Trinity Catholic Church is closing its Bank of America accounts and the group PACT is divesting from Wells Fargo.
The news conference will take place at 11 a.m. at the Most Holy Trinity Church at 2040 Nassau Drive in San Jose.
10:10 a.m. Author and social activist Naomi Klein is speaking to the crowd, many tweeters are reporting.
9:59 a.m. KQED's Paul Lancour reports from the scene, about 50 minutes ago:
Protesters are blocking Sacramento Street in downtown San Francisco now. They're located in each of the four entrances of the Wells Fargo bank; they've blockaded the doors so customers can't get in. Police are allowing employees to get in now. We spoke with some of the organzers of the protest, and they say they're planning on being here for as long as it takes. They're hoping more people will come down and join them, so they're expecting this crowd to grow throughout the day.
As of right now, customers still can't get in the bank, Paul Lancour says.
Audio: Paul Lancour reports from downtown