Wells Fargo Faces Potential Probe Over Black Homeownership Commitments, WSJ Reports

Wells Fargo (WFC.N) is facing a potential investigation from the Trump administration’s housing authority over programs and commitments ​the bank made to increase homeownership among Black Americans, ‌the Wall Street Journal reported on Wednesday.

The Journal cited a letter from the Department of Housing and Urban Development sent to Wells CEO ​Charlie Scharf on Wednesday. It will examine whether the ​bank violated fair-lending laws by favoring Black or other ⁠minority homeowners, the letter reportedly said.

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The ⁠department’s letter said Wells Fargo had adopted a strategy of “sorting” homeowners and offering different products or terms based on their race, according to the Journal.

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