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Reparations

REPORT

CARD

Name

Wells Fargo

Position

Business: American Bank

Term

2024

-

Grade

F

Evaluator

NRL

Updated

2024

Comments

KEY POINTS: Wells Fargo received an official notice from the Consumer Financial Protection Bureau on problems with its use of mortgage rate discounts, sources said. Wells Fargo hired a law firm to grill mortgage bankers whose sales included high levels of the discounts, said the sources. Several banks received MRAs about lending practices last year, the CFPB said without naming any of the institutions. In their industry review, regulators found “statistically significant disparities” in the rates in which Black and female borrowers got pricing exceptions compared with other customers.