Pa. Treasurer Targets 3 Banks In Lending Disparity Probe
Law360 (February 23, 2018, 4:43 PM EST) -- The Pennsylvania Treasury has announced an official inquiry into Wells Fargo, Santander Bank and PNC Financial Services over alleged racial and ethnic disparities in home mortgage lending that have been identified in a recent report from the Center for Investigative Reporting.
The department on Wednesday sent a letter to all three financial institutions asking that they confirm whether the center’s numbers, which show black borrowers as three times more likely to be denied a home loan, were accurate, and to account for any racial or ethnic discrepancy that might exist in approval rates.
The letter also suggested that the Pennsylvania Treasury...
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