New York City Comptroller Brad Lander released a statement following reports of a Consumer Financial Protection Bureau probe into the lending practices of Wells Fargo.
“I’m deeply disappointed, but unfortunately not surprised, to hear that Wells Fargo is being probed by the Consumer Financial Protection Bureau for racially disparate lending practices in how it distributes discounts and more favorable rates for home loans. These recently uncovered racial and gender disparities are only the latest in a pattern of practices that systematically disadvantage historically marginalized groups, especially Black borrowers.
“This report comes on the heels of Wells Fargo CEO Charles Scharf announcing the company would not stay neutral in union drives, anti-union behavior that may violate workers’ rights. Our city and our economy are better off when workers’ rights to freedom of association are respected and borrowers are treated fairly.
“As a member of the New York City Banking Commission, I am committed to holding banks accountable to rigorous standards of anti-discrimination, workers’ rights, and community reinvestment. That’s why I voted no on Wells Fargo’s designation as a City depository institution earlier this year after limiting banking with Wells Fargo in 2022.
“I will continue to push for reforms needed to ensure the Banking Commission is not a rubber-stamp, but a lever to affect real change in the banking sector — to help prevent racial and gender discrimination and ensure New Yorkers’ taxpayer dollars are being used to advance a thriving, equitable City.”
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