Wells Fargo Faces US Regulator Probe Over Programs to Boost Black Homeownership: Report
- On Wednesday, The Department launched a probe into Wells Fargo to examine fair-lending violations, causing the bank's shares to fall nearly 2%.
- In 2017, Wells Fargo Chief Executive Officer Charlie Scharf oversaw a campaign pledging $60 billion in loans to create at least 250,000 new Black homeowners by 2027.
- By late 2023, the bank reached about 40 percent of its goal and refinanced about 5,100 customers, though it subsequently removed a 2023 racial-equity assessment from its website.
- The Department accused the bank of "sorting" homeowners based on race, potentially violating the Fair Housing Act as part of The Donald Trump administration's campaign against corporate DEI programs.
- HUD is reviewing similar initiatives at other banks, signaling a wider crackdown, while Turner condemned the bank, stating, "Wells Fargo and all of its employees that engaged in race-based decision-making should be ashamed.
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Wells Fargo faces probe over allegedly favoring Black, other minority homeownership - report (WFC:NYSE)
Wells Fargo (WFC) is facing an investigation by the Department of Housing and Urban Development over allegedly violating fair lending laws by favoring Black or other minority homeownership, The Wall Street Journal reported.
Wells Fargo Drops After Report of HUD Probing Lending Practices
Wells Fargo & Co. shares fell nearly 2% after a report that the Department of Housing and Urban Development is investigating whether the bank violated fair-lending laws as it sought to boost homeownership among Black Americans.
Wells Fargo faces regulator probe over efforts to boost Black homeownership, WSJ reports
The Donald Trump administration's housing officials are launching a probe into Wells Fargo over programs and commitments the bank made nearly a decade ago to increase homeownership among Black Americans, the Wall Street Journal reported on Wednesday.
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