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American Banker: Brown calls on Wells Fargo to end discriminatory practices ‘once and for all’

American Banker, May 31, 2022, Brown calls on Wells Fargo to end discriminatory practices ‘once and for all’

In a letter to President and CEO Charlie Scharf, Sen. Sherrod Brown of Ohio called on the executive to “once and for all address Wells Fargo’s governance, risk management, and hiring practices — weaknesses that have plagued the bank for almost a decade.”

Brown’s letter revolves around a string of media reports published in recent weeks, including a New York Times report from earlier in May that accused Wells Fargo of giving Black and female job applicants “fake interviews” in order to meet diversity hiring goals. Brown also pointed to a recent $7 million penalty from the Securities and Exchange Commission against Wells Fargo for shortcomings in its anti-money-laundering practices.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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