The Department of Financial Institutions in Washington state ruled recently that it "could not disapprove" the merger of Wells Fargo Financial and Pacific Northwest Bancorp, even as it expressed "serious concerns about certain issues."The agency’s qualified approval on July 24 came after consumer groups -- including the Association of Community Organizations for Reform Now -- contacted it with concerns about Wells' alleged predatory lending practices. The DFI said it would continue to consider such issues in its future dealings with Wells and asked the Federal Reserve Board to take the accusations seriously. The board is next in line to examine the merger.
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