DEI Disaster: Wells Fargo Employees Say Bank Targeted Hispanics with Predatory Lending Practices

Wells Fargo, one of the largest banks in the United States is facing a lawsuit from its Hispanic employees that accuses the centuries old bank of engaging in predatory lending practices against customers of the same ethnic origin.

The lawsuit, filed June 30 in a Texas federal court, accuses Wells Fargo of pressuring Hispanic employees in San Antonio to redirect Latino customers away from home equity lines of credit to more expensive but profitable refinancing options without furnishing the usual disclosures, according to a complaint filed in court.

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Georgia AG Sends Letter to Government Agency Urging It to Rescind Credit Reporting Rule for Small Businesses

Georgia Attorney General Chris Carr has sent a letter to the Consumer Financial Protection Bureau (CFPB), urging it to rescind a final rule mandating data collection regarding applications for credit for small businesses.

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Supreme Court to Decide Fate of Controversial Consumer Financial Protection Bureau

The Supreme Court announced Monday it would take up a case challenging the Consumer Financial Protection Bureau’s (CFPB) funding mechanism on constitutional grounds.

On Oct. 19, 2022, the U.S. Court of Appeals for the 5th Circuit ruled that funding the CFPB through the Federal Reserve violates the Constitution’s Appropriations Clause, which gives Congress the “power of the purse” in appropriating government funds. The CFPB filed a petition for a writ of certiorari on Nov. 14, 2022, which the Supreme Court granted Monday morning.

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GOP Senators Claim Biden Appointee Has Turned Consumer Protection Bureau Into a ‘Lawless and Unaccountable’ Agency

Republican senators claimed in a Monday letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra that he has returned the federal agency to its “lawless and unaccountable” Obama-era “roots.”

Led by Pennsylvania Sen. Pat Toomey, the 12 senators are taking aim at Chopra’s alleged “abuses of power” that are a “serious concern.” Chopra should “reverse course” and ensure the CFPB “stay[s] within the boundaries of law,” the senators wrote.

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Biden Reportedly Taps Warren Ally Rohit Chopra to Lead Consumer Financial Protection Bureau

President-elect Joe Biden will reportedly nominate Rohit Chopra, an ally of Massachusetts Sen. Elizabeth Warren, to lead the Consumer Financial Protection Bureau.

Chopra is a member of the Federal Trade Commission (FTC), and if confirmed by the Senate would take over an agency that he helped create alongside Warren approximately a decade ago. Chopra’s selection was first reported by Politico, which cited four individuals with knowledge of the decision.

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