November 21, 2017

Facebook Continues to Permit Race and Gender Discrimination in Advertising

Facebook and social media users

When ProPublica exposed how Facebook allowed advertisers to run discriminatory ads throughout its platform, the company claimed it had built a system to find and refuse discriminatory advertising. ProPublica went back and tested Facebook’s system again, only to discover that they could get discriminatory ads approved for Facebook posting without any hindrance.

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October 16, 2017

Ban Against Wells Fargo Working with the State of California Extended for Another Year

Bank Investigations

As reported by Bloomberg News, Wells Fargo has been banned for another year from being hired by California as an underwriter or investment broker by the office of the state’s Treasurer.

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August 7, 2017

Bloomberg: Wells Fargo’s Troubles Go From Bad to Worse

Bank

Wells Fargo is not having a good summer. As reported by Bloomberg News, even as the banking giant strives to rehabilitate its reputation in the wake of a series of high-profile scandals, new information about further improprieties is coming to light. Exposure of its widespread false-accounts scandal led to the bank paying fines amounting to…

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May 25, 2017

Wells Fargo Accounts Scandal May Boost Mortgage Discrimination Lawsuits

Bank mortgage discrimination

The LA Times reports on the possible ramifications of the Wells Fargo false accounts scandal in light of the U.S. Supreme Court’s recent decision to allow mortgage discrimination cases against Wells Fargo and other bank giants to proceed. Noting that the Supreme Court decision is “more than just another bad headline” for Wells Fargo, the…

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May 15, 2017

City of Philadelphia Files Lawsuit Against Wells Fargo for Discriminatory Lending

Discriminatory mortgage lending

Lawsuit Alleges the Bank Targeted Minority Borrowers with High-Cost Loans PHILADELPHIA-The City of Philadelphia today filed a federal lawsuit against Wells Fargo in the United States District Court for the Eastern District of Pennsylvania. The City’s Complaint asserts that Wells Fargo has engaged in discriminatory lending practices that target minority borrowers.

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January 18, 2017

JP Morgan Chase Agrees to $55 Million Settlement Over Mortgage Discrimination Against Latinos and African-Americans

Banks and discriminatory mortgage lending

In a story being widely reported across the media, banking giant J.P. Morgan Chase & Co. has agreed to a $55 million settlement with the U.S. Department of Justice in the face of allegations that the bank discriminated against minority borrowers by allowing mortgage brokers to charge them more for home loans. The DOJ’s complaint…

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December 20, 2016

Wells Fargo Reportedly Soon to Receive Negative Community Lending Evaluation

Bank Foreclosures

Reuters reports that Wells Fargo is on the verge of receiving a significant negative evaluation on an important national rating for community lending, according to U.S. bank regulators. The new rating “could limit near-term expansion of the bank,” according to the news organization.

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November 14, 2016

Holding the Biggest U.S. Banks Accountable for the Foreclosure Crisis

Holding the Biggest U.S. Banks Accountable for the Foreclosure Crisis

As the Supreme Court mulls over its forthcoming decision on whether cities like Miami can hold the nation’s biggest banks accountable for their alleged discriminatory and predatory conduct against minorities, legal commentator and professor Kenneth Jost notes that the review comes in the “precious little” to date in the way of government success in prosecuting…

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November 8, 2016

Supreme Court Receptive to Miami’s Discriminatory Loan Complaints Against Major Banks

United States Supreme Court

The U.S. Supreme Court today heard oral argument relating to the City of Miami, Florida’s lawsuits against Bank of America and Wells Fargo for deprivations it says were the results of the banks’ discriminatory and predatory loans targeted at minorities. The city’s case describes unfavorable minority-targeted bank loans that led to widespread foreclosures and a consequent…

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November 7, 2016

Miami Seeks Supreme Court OK in Lawsuit to Recoup Losses from Housing Collapse

Blighted home

As the city of Miami, Florida sees it, a tidal wave of discriminatory and predatory lending from some of the nation’s biggest banks from 2008 and onward caused financial ruination that nearly broke the city. Practices the city alleges discriminated against Hispanic and African-American residents by directing them into risky, high-interest loans resulted in rampant…

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