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Banking Law

Wells Fargo Faces Immigration-Linked Loan Discrimination Claims

Aug. 4, 2017, 2:34 PM

Wells Fargo and other banks could face claims of immigration-related lending bias after an Aug. 3 decision by a federal court that allows borrowers to use a civil rights law that’s more than a century old (Perez v. Wells Fargo & Co., N.D. Cal., 17-cv-00454, 8/3/17).

Under the ruling, would-be borrowers who are not U.S. citizens or permanent residents would be able to bring improper lending claims against banks under an 1866 civil rights law.

Wells Fargo argued that the claims must be brought under the 1974 Equal Credit Opportunity Act. That law, it said, permits lenders to...

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