Home / Business and Economy / Wells Fargo Faces Fair-Lending Probe
Wells Fargo Faces Fair-Lending Probe
7 Oct
Summary
- Wells Fargo shares dropped nearly 2% on the news.
- HUD is investigating potential fair-lending violations.
- The probe focuses on boosting homeownership for Black Americans.
Wells Fargo & Co. experienced a share price decrease of nearly 2% after news emerged of a federal investigation. The Department of Housing and Urban Development (HUD) is reportedly examining the bank for potential violations of fair-lending laws.
This inquiry specifically scrutinizes Wells Fargo's efforts to promote homeownership among Black Americans. Chief Executive Officer Charlie Scharf has been formally notified by HUD about the ongoing investigation into these practices.
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