October 18, 2012
Wells Fargo is getting examined for its CRA practices right now. We all have a rare opportunity to tell the federal regulator of national banks (Comptroller of the Currency or OCC) whether they think Wells Fargo Bank is meeting community needs. Please scroll down to customize and send a letter to the OCC & Wells Fargo before December 7!! Bank examiners use these comments to grade the bank. The California Reinvestment Coalition is calling on people across California and the nation to write the Comptroller about Wells Fargo.
Bank Payday Lending: Wells Fargo sells a payday loan called the Direct Deposit Advance. They charge a 180% annual percent rate. They lure customers into a debt trap that can last six months or even longer. After five months, customers have already paid more in fees than they ever borrowed. The OCC has stated that “banks should not use products to take advantage of their customers.” CRC thinks Wells Fargo Bank is exploiting their customers with this product and should stop immediately. If you agree, please tell the Comptroller of the Currency today!
Payday to the Military: Congress passed a 2006 law prohibiting lenders from offering active-duty members of the military consumer loans with annual percentage rates of greater than 36% APR. Wells Fargo is using a loophole in Department of Defense regulations to continue payday lending to men and women in uniform. If you think this is wrong, tell the Comptroller of the Currency today!
Foreclosures and Evictions: Wells Fargo has been sued by our Attorney General (and 48 others) for robo-signing and faulty foreclosure practices and by the Department of Justice for steering borrowers of color into more expensive subprime loans. Housing counselors and legal service offices report that Wells Fargo is still reluctant to help borrowers at-risk of foreclosure and improperly denies borrowers loan modifications for which they qualify. Wells Fargo allows its’ agents to violate tenant protection laws and will not offer tenants the opportunity to pay rent and remain in their homes. If you think this is wrong, tell the Comptroller of the Currency today!
This is the public’s opportunity to be heard. Write to the Comptroller now. With this easy to use form, you can be done in 5 minutes!
Please customize this letter to reflect your personal information and to add any other information you would like to include on Wells Fargo's performance in California. Your personal perspective is very important!