New NC report: Wells Fargo denied minority mortgage applicants twice as often as whites [Yahoo! Finance]
Wells Fargo & Company (WFC)
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Source: Yahoo! Finance
Charlotte and across North Carolina, according to a new study by a national financial watchdog. Americans for Financial Reform Education Fund released a report Wednesday showing that Wells Fargo denied Black, Latino and Asian mortgage applicants about twice as frequently as white applicants. Patrick Woodall (Photo: Americans for Financial Reform Education Fund) “It does raise significant questions about Wells Fargo's interest and willingness to serve the entirety of the community in North Carolina,” Patrick Woodall, managing director of the nonprofit, nonpartisan advocacy organization, told NC Newsline. Between 2020 and 2024, the San Francisco-based bank, which has a regional hub in Charlotte with 27,000 employees, rejected 22.5% of Black applicants, 25.6% of Latino applicants and 20.3% of Asian applicants in North Carolina, compared with 10.3% of white applicants, according to the report. The report calls on Wells Fargo to improve its performance in meeting mortgage needs i
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