Wells Fargo (WFC) Is Accused Of Denying Student Loans To These People

In a new federal lawsuit filed on Monday, Wells fargo has been accused of illegal;y denying student loans to young immigrants. The yuong immigrants are allowed to go to school and work in the United States under a program that former President Obama created. The program also protects them from deportation.

According to the law suit by the Los Angeles-based Mexican American Legal Defense and Educational Fund, the young migrants have both social security numbers and documents that meet Wells Fargo’s requirements, but because of their citizenship status, the bank refused to give them student loans.

Thomas A. Saenz, president and general counsel of the Mexican American Legal Defense and Educational Fund stated, “It’s very important in our view to establish that there are clear rules against this kind of discrimination, particularly in a time like this.”

The suit is seeking a court order declaring the policy discriminatory and forcing the bank to grant the loans to those participating in the Deferred Action for Childhood Arrivals program. There are also unspecified monetary damages being sought.

“Wells Fargo understands the dream of pursuing higher education and we remain focused on our responsible lending practices to assist temporary and permanent residents and U.S. citizens in obtaining student financing,” the bank said in a statement.

Disclaimer: We have no position in Wells Fargo & Co (NYSE: WFC) and have not been compensated for this article.