MPR News: How consumers can protect themselves from potential abuse by big banks

MPR News, April 12, 2018: How consumers can protect themselves from potential abuse by big banks

Wells Fargo is embroiled in yet another banking scandal. Reuters reports the Consumer Financial Protection Bureau, a U.S. watchdog agency, could soon force Wells Fargo to pay a massive fine — several hundred million dollars — for mortgage-lending and auto-insurance abuses.

The bank has been grappling with the fallout of another major scandal since 2016, when it was revealed that Wells Fargo profited from millions of fake bank accounts.

This latest scandal comes on the heels of the passage of a new bipartisan bank deregulation bill in Congress. So how can consumers protect themselves against potential abuse? MPR’s Kerri Miller spoke to two industry experts about practical actions consumers can take.

Guests:

• John Taylor, president and CEO of the National Community Reinvestment Coalition.

• Stacy Cowley, reporter for the New York Times.

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1 thought on “MPR News: How consumers can protect themselves from potential abuse by big banks”

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    This is what they get for openly fraudulent practices? This corporation flat out falsified customer requests, foreclosed homes in good standing, and generally did nothing but try to suck every client they had dry.

    This is like giving a $1 fine to someone who just drove drunk into a group elementary school kids. The absolutely blatant support of both negligent and/or fraudulent (in this case BOTH) enterprises in disgusting.

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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

Complete the form to download the full report: