In response to a new study on mortgage lending patterns at Wells Fargo, AFL-CIO President Liz Shuler issued the following statement:
The reported pattern of racial disparities in mortgage lending in North Carolina by Wells Fargo, if true, is deeply troubling. It’s unsettling that workers and families of color may have unfairly been denied loans or charged more. Bias in lending is immoral, unacceptable and a betrayal of the communities Wells Fargo is supposed to serve.
Wells Fargo should take immediate steps to ensure loan approval rates and pricing are free of racial bias. This is not a new problem in the banking industry—it is a persistent one that deserves urgent attention.
And if this is happening in North Carolina, we need to know if it is happening in other parts of the country. We urge Wells Fargo to conduct a full, independent and transparent review of their mortgage loan program nationally.
Many Wells Fargo workers want to play a critical role in safeguarding customers from unethical behavior—and that’s why they’re fighting for a collective bargaining agreement with strong whistleblower protections. We stand with them in their fight not only to better their own lives but also to protect consumers who are pursuing the American dream of home ownership.
Contact: Steve Smith, 202-637-5018