Take action against Wells Fargo: Proposed Class Targets Wells Fargo For Race Bias In Lending

From Law360:

By Emma Whitford (February 18, 2022, 5:30 PM EST) — A Georgia man hit Wells Fargo with a proposed class action Thursday, accusing the bank of discriminating against home mortgage applicants on the basis of race by offering Black applicants worse terms than their white counterparts.Despite having a strong credit score, Christopher Williams claimed that he was offered an interest rate three points above the bank’s prime rate. By way of explanation, Wells Fargo referenced a “unique scoring model” that is at base discriminatory against Black borrowers, according to the federal complaint filed in the Northern District of California.”Indeed, the ‘other’ factors used by Wells Fargo to determine interest…

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