Landmark Settlement Reached in Lending Discrimination Class-Action Cases Brought By DACA Recipients Against Wells Fargo
Wells Fargo Bank will pay up to $19.6 million and change its lending policies as part of settling two class-action lawsuits brought by Deferred Action for Childhood Arrivals (DACA) recipients whose applications for a variety of consumer loans and credit cards were allegedly denied by the bank because they were not U.S. citizens or permanent residents, according to court documents filed Tuesday. Wells Fargo announced a deal had been reached in March and announced changes to its lending policies to provide consumer lending products to DACA recipients at that time. The financial details of the...