Wells Fargo Announces Plans to Provide DACA Recipients Credit Products
March 05 2020 - 12:00PM
Business Wire
Wells Fargo to provide Deferred Action for Childhood Arrivals
(DACA) recipients with access to a suite of credit products
Today Wells Fargo plans to expand its credit offering to provide
Deferred Action for Childhood Arrivals (DACA) recipients access to
products that include education loans; personal lines and loans;
credit cards; auto loans; and small business credit. In addition,
Wells Fargo will make mortgage and home equity loans to eligible
DACA customers except where prohibited by specific investors. Wells
Fargo plans to roll-out the new product offerings in phases
starting in the first half of 2020 and continuing into first
quarter of 2021. This expanded credit access was informed by
ongoing engagement with the Mexican American Legal Defense and
Education Fund (MALDEF), which provided valuable insight into the
needs of these young individuals.
“Wells Fargo’s product set and customer reach enable us to
contribute meaningfully to the opportunity DACA recipients have to
succeed in the United States. We believe it is incumbent upon us to
make credit as available as possible for these individuals as they
seek to realize their aspirations,” said Mary Mack, Wells Fargo CEO
of Consumer and Small Business Banking. “We appreciate the
productive discussions with MALDEF that informed our efforts to
make this expanded credit offering available in the coming months.
This is part of our continuing commitment to provide responsible
lending and to expand our financial support and partnership for the
many diverse communities we serve.”
"Wells Fargo's agreement to extend consumer credit to DACA
recipients on the same terms as others is a positive
acknowledgement of these young immigrants' ongoing contributions to
our national economy," said Thomas A. Saenz, MALDEF president and
general counsel. "This is an important step forward for American
banking."
As the credit offering is expanded, Wells Fargo will continue
reviewing applications for credit with its responsible lending
guidelines to ensure loans are made to consumers who have the
ability to repay.
Wells Fargo and MALDEF also announced today that they are
working together to make available financial compensation to DACA
recipients who may have been denied credit in the past by Wells
Fargo.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
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version on businesswire.com: https://www.businesswire.com/news/home/20200305005631/en/
Media Vickee Adams, 515-398-7156
vickee.j.adams@wellsfargo.com Hispanic Media Carolina Guana,
602-416-5134 carolina.guana@wellsfargo.com Investor
Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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