North Carolina is facing a housing affordability crisis.

Roughly two-thirds of residents can’t afford to buy a single-family home. Wells Fargo’s pattern of charging higher interest rates for Black and Latino borrowers at every income level is raising costs and reducing household wealth for people of color in our state. Unfortunately, this is not new. Federal and State regulators have brought a series of lending discrimination cases against the bank. It’s time for Wells Fargo to stop harming Black and Latino communities in North Carolina.

1. Eliminate racial disparities in Wells Fargo loan approval rates and ensure that Black and Latino borrowers are able to secure the most affordable loans they qualify for.
2. Address racial bias in credit-scoring and mortgage-lending algorithms, including with underwriting models that utilize artificial intelligence.
3. Empower mortgage loan workers to speak up against unethical behavior that harms customers by strengthening whistleblower protections, and ensuring that workers can’t be terminated without just cause.
4. Establish publicly measurable goals to increase Black and Latino home ownership in North Carolina and ensure the people of North Carolina truly benefit from Wells Fargo’s lending programs.

Tell Wells Fargo: STOP harming Black and Latino home buyers in North Carolina

Wells Fargo Bank is one of the biggest employers in North Carolina,

but instead of investing in improving our communities, a recently released report found the bank’s mortgage lending business in our state exhibits troubling patterns of racial disparities. According to the report, between 2020 and 2024 Wells Fargo denied Black and Latino mortgage applicants about twice as frequently as white applicants.

• Wells Fargo charged higher interest rates for Black and Latino borrowers than white borrowers at every income level.
• Wells Fargo’s pattern of racial disparities in applications and loans suggests that it underserved Black and Latino families in North Carolina.
• Wells Fargo’s lending in North Carolina showed a pattern of racial disparities in mortgage loan denial rates.