Today, the NAACP filed suit against Wells Fargo & Co. and HSBC Holdings Plc, claiming that African Americans receiving loans were more than 30 percent more likely to be given higher rates.
Not surprisingly both banks countered with the“Who? Us? Why?’” response. According to a Reuters story, Wells Fargo mounted a “vigorous defense,” saying that it had “never tolerated, and will never tolerate, discrimination in any way.” HSBC was a little more tepid, stating “We stand by our fair lending and consumer protection practices, and we are confident that we are treating our customers fairly and with integrity.”