US (AMERICANS FOR FINANCIAL REFORM) : WELLS FARGO’s mortgage data reveals a problem.

 

Wells Fargo has spent years presenting itself as a bank that serves every community. Our research shows a very different story. For years, Wells Fargo has denied Black, Latine, and Asian mortgage applicants at far higher rates than white applicants. Those gaps persisted across all income levels. In fact, our report exposed that these patterns included higher-income earning applicants of color getting denied for mortgage loans more often than moderate-income earning white applicants. That finding cuts through the usual excuses. When a bank’s own lending outcomes show that people of color face steeper barriers to one of the most important wealth-building tools, the burden is on Wells Fargo to explain why it happened – and fix it. Immediately. And now, because of AFR’s work, Wells Fargo has to answer for the disparities and will be forced to act. Coverage like this report received increases pressure on the bank from the public, from policymakers, from regulators, and from the communities that have been shut out. We take on Wall Street banks and our work has impact, but we’re only able to do it because of you. Please rush a donation of $5 or whatever you can afford and deliver the resources we need to keep exposing unfair lending and holding Wells Fargo accountable. DONATE This fight comes at a dangerous moment. The Trump-controlled CFPB is walking away from its responsibility to enforce fair lending and civil rights laws and protect people from discrimination in credit markets, giving banks even more reason to believe they can avoid consequences. That is exactly why AFR’s work matters even more right now than ever. We dig into the data. We expose the patterns. We push the findings into the press. We equip advocates and lawmakers with evidence they can use. And we keep pressure on financial institutions that would rather issue a statement, wait out the news cycle, and move on. Wells Fargo has lawyers, lobbyists, and PR teams protecting its reputation. We have research, coalition power, and supporters who understand that racial biases in lending must be dragged into the open and confronted. Make a donation now to help us keep the spotlight on Wells Fargo and fight for a financial system where access to credit does not depend on race. Let’s keep exposing the banks that lock families out of homeownership. -Patrick Patrick Woodall (he/him) Managing Director Americans for Financial Reform Support this Campaign

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