Wells Settles NAACP Lawsuit

Wells Fargo Bank NA, San Francisco, has agreed to allow the NAACP to review its lending practices as part of its settlement of a lawsuit involving alleged fair lending violations. Under the agreement, the NAACP can make recommendations to improve credit availability for African-Americans and assist borrowers facing foreclosure. "We are committed to working constructively with the NAACP and our communities to help stabilize neighborhoods across our country," said Jon Campbell, head of Wells Fargo's Social Responsibility Group. The NAACP commended Wells Fargo for its commitment. "In these tough economic times marked by limited credit and homeowners struggling to stay to afloat, we are pleased that Wells Fargo has stepped forward to be a partner in our efforts to increase fair lending," chairman Roslyn Brock said. Since 2007, the NAACP has sued over a dozen lenders for "systematically" placing blacks into higher-cost subprime loans. The civil rights group said it remains in litigation with 14 other financial institutions, including JPMorgan Chase, Citibank and HSBC, over allegations of unfair lending practices and lending discrimination.