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Wells Fargo to face suit for allegedly denying loans to immigrants

U.S. District Judge Maxine Chesney on Aug. 3 ruled that Wells Fargo & Co. will have to face a proposed class-action lawsuit claiming it had violated the Civil Rights Act, Reuters reported the following day.

The case was filed in January in the U.S. District Court for the Northern District of California, over immigrants' being denied student loans and credit cards. But the San Francisco-based company has argued that the Equal Credit Opportunity Act and related regulations allow it to consider immigration status — and that student loans and credit cards issued to nonpermanent residents are particularly risky as they are not secured by collateral.