Top US bank Wells Fargo is to pay $175 million to resolve allegations that it charged African-American and Hispanic borrowers higher fees and interest rates than whites, the Justice Department said Thursday.
The bank is accused of engaging “in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its mortgage lending from 2004 through 2009.”
Customers were also steered toward riskier sub-prime loans, while their white peers received standard loan terms, according to the Justice Department.
“An applicant’s creditworthiness, and not the color of his or her skin, should determine what loans a borrower qualifies for,” said Deputy Attorney General James Cole.
The San Francisco-based bank denies the claims, according to a statement Wednesday, but said it was settling to avoid litigation.
The bank will pay $125 million in compensation to around 4,000 customers who paid higher fees than white borrowers. It will also pay $50 million in direct aid to communities hard hit by the housing crisis.
Rudy Giuliani’s henchmen claim executive privilege concerns in first court appearance
Rudy Giuliani's henchmen appeared in court on campaign finance violations, and they may attempt to claim evidence in the case is protected by executive privilege.
Ukrainian-American businessmen Lev Parnas and Igor Fruman, who were arrested earlier this month on their way out of the country on one-way tickets, pleaded not guilty Wednesday in their first court appearance, according to Courthouse News.
Prosecutors told the court they had issued subpoenas for 50 bank accounts related to the pair.
But an attorney for Parnas told the judge there may be concerns to sort out related to executive privilege due to their relationship with Giuliani, who serves as President Donald Trump's personal attorney.
‘Looks like the smoking gun’: Meghan McCain less skeptical of impeachment after Bill Taylor testimony
Meghan McCain gave her strongest indication yet that President Donald Trump was doomed to impeachment, but she was in no mood to talk about it on her birthday.
The conservative host of "The View" turned 35 on Wednesday, a day after former Ukraine ambassador told lawmakers that President Donald Trump had directed efforts to freeze military aid to pressure the foreign ally to investigate political rival Joe Biden.
"This is just killing my vibe," McCain said. "I'm sorry, it's very bad."
"Look, I can't -- I just can't today," McCain said. "I'm so sorry. I would love to stay on this, but it's really bad. It looks like it's highly unethical, and it looks like the smoking gun. That's my political analysis for today. It's my 35th birthday, and I want to move on."
Watch: All of Trump’s failed defenses for his Ukraine scandal
CNN's Kate Bolduan on Wednesday reminded her viewers that Trump allies' defenses of the president throughout the Ukraine scandal have continued to evolve after new facts emerge that undercut their older defenses.
While talking with the New Yorker's Susan Glasser, Bolduan delivered an exhaustive list of all the failed defenses that the president and his supporters have made to justify Trump's efforts to push Ukraine to investigate his political opponents.
"First it was the president was trying to root out corruption when it came to Ukraine," she began. "Then it was there was no direct ask coming from the president. Then it was the whistleblower can't be trusted, then it was Schiff helped the whistleblower write the complaint so it can't be trusted, and then it was the president was joking, Republicans said, when he said on camera that he would like to see investigations. Then it was there was no quid pro quo because Ukraine didn't know the aid was being withheld... and now it's the process is unfair, so you can't impeach."