Regulators caught Wells Fargo, other banks in probe over mortgage pricing discrimination
Publishing timestamp: 2023-12-11 11:34:12
Summary
The article discusses how Wells Fargo received official notice from the Consumer Financial Protection Bureau (CFPB) regarding problems with its use of mortgage rate discounts. The CFPB found statistically significant disparities in rates in which Black and female borrowers received pricing exceptions compared to other customers. Wells Fargo has faced previous regulatory issues related to its mortgage business and has been fined for consumer abuses. The article also mentions that other lenders have been involved in fair lending violations, and regulators have increased their crackdown on these violations.
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Keywords: wells fargo & co, jpmorgan drn, breakingnewsglobal, breaking news: investing, banks, bank of america corp, breaking news: markets, citigroup inc, business news, investment strategy,
Source: https://www.cnbc.com/2023/12/11/wells-fargo-mortgage-lenders-probed-over-racial-discrimination.html