Wells Fargo to Pay $175M Over Lending Discrimination

African Americans, Hispanics allegedly got higher rates
By Evann Gastaldo,  Newser Staff
Posted Jul 12, 2012 12:42 PM CDT
An Occupy Oakland protester smashes a sign at a Wells Fargo bank branch on Wednesday, Nov. 2, 2011, in Oakland, Calif.   (AP Photo/Noah Berger)

(Newser) – From 2004 to 2009, Wells Fargo allegedly discriminated against African-American and Hispanic borrowers, and now the bank will pay at least $175 million to settle the matter, the AP reports. Wells Fargo is accused of charging such borrowers higher rates for loans, thus violating fair-lending laws. A deputy attorney general said today that more than 34,000 people in 36 states were affected.

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