trending Market Intelligence /marketintelligence/en/news-insights/trending/0HRYeEVWK5Z_JtcN88GVGQ2 content esgSubNav
In This List

Wells Fargo faces lawsuit for allegedly denying student loans to immigrants

Blog

The evolving world of central bank digital currencies

Blog

Insight Weekly: US stock market downturn; Chinese bank earnings; Europe's big tech bills

Blog

Expand Your Perspective Uncover Insights on Key Markets with Differentiated Data

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds


Wells Fargo faces lawsuit for allegedly denying student loans to immigrants

Wells Fargo & Co. is facing a federal lawsuit for allegedly denying student loans to young immigrants who are working and studying in the U.S. under former President Barack Obama's Deferred Action for Childhood Arrivals program, the Associated Press reported Jan. 30.

The lawsuit — filed by Los Angeles-based Mexican American Legal Defense and Educational Fund — claims that the young immigrants were refused student loans despite meeting the banks' needs for identification, according to the news agency.

The plaintiffs are pushing Wells Fargo to grant student loans to the participants of the DACA program and are seeking a court order declaring the policy discriminatory, along with unspecified monetary damages, the Associated Press wrote.

The San Francisco-based bank expressed its disappointment that the plaintiffs sued instead of working with it on a solution, according to the news agency.