Wells under investigation for potentially violating fair lending laws
32 replies (most recent on top)
@dt so glad we got around to this in 2026!!
DF being pushed out makes even more sense now! Me thinks this is just the tip of the iceberg!
@dz this is the sort of thing that compliance teams would report and write rules against until they were gutted and laid off. Now all thats left are yes people and this is the result. I expect we will see more risk and compliance roles being opened after this as a precaution.
Post ID: @dz+1m4bhhpjw Agreed. Compliance and Risk absolutely need to be expanded and empowered to ensure this kind of thing stops happening at this criminal bank.
LOCK CHARLIE AND HIS GOON SQUAD UP!!! YOU ARE SHADY AF CHUCK!!
@dz To be fair, it's hard to be in compliance with the extrajudicial whims of a madman years in the future
They change their perspectives and policies according to what is popular at the time. There is no thoughtful critical thinking into the future. CL entire target/new lending philosophy was wealth customers and customers of color. It did not make sense at the time, but they MUST know what they are doing is what I assumed. That is what was thought even though it defies common sense strategy.
not surprised, I'm sure it was reviewed and approved by our wonderful risk and compliance partners!! "No concerns from me."
Rules officially changed in April and it now specifically bans race as a discriminating factor for such programs. Does the WF program still exist? I'm not in that LOB so I wouldn't know.
@cc Reg B authorizes this type of "special purpose credit program. This is the administration trying to change rules ex post facto.
donation to the trump library incoming
Couldn’t happen to a better bank lol. Did Charlie get into some hot water about racist comments in an interview in the past also? Something about not being able to find talent that isn’t white or that he can’t find minorities that are t eyed for the roles?
I mentioned that WF would get in trouble for racist lending practices on this very site when the executives were bragging about the program. It was completely obvious to one and all that the program was morally and legally wrong, and Hudson Yards did it anyway. Get rid of these useless hacks pretending to be bank executives.
Thank God. Now they need to look into the way they treat their employees & the dishonest tactics they use to slander their employees. Garbage bank.
Also the spirit of the ada process limiting the amount of times a legit official dr note can be used for a chronic permanent condition.
Location strategy supercedes???
All banks have the same problem and were encouraged to fix it with CRA.
Its not just a "why now" but "why wells." Usually this admin looks to make an example of some company, someone vulnerable. So where there is smoke...
We may capitulate...or fight it. its lose-lose
@b5+1m4bhhpjw, this isn't a damned of you do, damned if you don't situation, the simple solution is to offer people products,services and rates based on the credit risk factors that are not race. If WFC just did that then neither of these issues would have happened.
@b2 A 2022 media report found that WF rejected over half of its black refinancing applicants. The $150 million Special Purpose Credit Program was designed to quell public backlash to the 2022 report. This follows a $175 million settlement by the bank in 2012 due to allegations that the bank steered black borrowers into sub-prime loans when they qualified for regular loans. The settlement also settled allegations that WF charged black borrowers higher fees than white borrowers. Believe me, I'm the absolute last person to come to the defense of Wells Fargo, as they are near the top of my sh-t list in all caps and permanent marker, but this seems like a damned-if-you-do, damned-if-you-don't situation.
Offering different rates based on the color of skin is rac!st, it doesn't matter who is getting beneficial treatment the underlying issue is still the same and if true then it goes against fair lending practices and Wells Fargo should pay the price (as should the leaders that approved it)
I cannot believe that people still don't get this.
gee, let me put on my surprised face!
" WSJ report, Wells under investigation--Wells under investigation for potentially violating fair lending laws"
and other races can't seem to stop obsessing over it...
Yep. What su-ks too is that this isn’t the first time trump has targeted WF. Charlie’s gotta better manage this.
It's a political stunt designed to marshal the support of Trump's racist political base before the mid-terms.
@ac "Discover" lmao Most people don't live under a rock to the extent you do.
WF absolutely 100% offered mortgage loan rates to African Americans that weren't available to any other race a few years ago.
WF should be investigated for H1B fraud, data violation due to out of control outsourcing, workplace safety concerns and unlawful workforce downsizing.
White people have always had it so hard in America.
🍿🍿🍿
Wait until they discover we fire Americans and hire overseas.
There is some other stuff too I cant talk about (no, not H1B related). Bad news comes in threes.
@a9+
Good point, why now, why 3 weeks before the midterms.
there seems to be something lurking here, why leak this?
Charlie shouldn't get a bonus this year. He's paid to keep us out of the news, he failed.
The potential "crime" is attempting to boost black home ownership. Only in Trump's America.