DAP Forums > DREAM Act > The News Room

Wells Fargo Lawsuit about DACA being denied loans will proceed

#1
08-08-2017, 01:50 PM
Moderator
Joined in Mar 2006
6,459 posts
Swim19's Avatar
Swim19
190 AP
Quote:
A federal judge in San Francisco has refused to dismiss a lawsuit accusing Wells Fargo bank of denying loans to immigrants who came to the U.S. as youngsters and have been allowed to remain here.


Denial of loans based on citizenship status violates a federal law, passed in 1870, and a California civil rights law, U.S. District Judge Maxine Chesney said Thursday in rejecting the bank’s attempt to dismiss the proposed nationwide class-action suit.


Wells Fargo, according to the suit, has a policy of granting loans only to U.S. citizens or to noncitizens who have become permanent legal residents and have a cosigner who is a U.S. citizen.
Quote:
“This is a very significant ruling,” said attorney Victor Viramontes of the
Mexican American Legal Defense and Educational Fund, a lawyer for the plaintiffs. “Wells Fargo argued that they could discriminate against DACA recipients, and the judge rejected that.”

Viramontes said other national banks have similar policies. “The entire industry should take note of this ruling and how they are treating people who are not yet permanent lawful residents,” he said.


Wells Fargo, in a statement, said, “While the court’s decision to allow the lawsuit to proceed is disappointing, we are prepared to defend our record as a responsible lender.”
http://www.sfgate.com/bayarea/articl...o-11740751.php
__________________
Initial Approval: 11/13/12
1st Renewal: 10-7-14
2nd Renewal: 10/12/16
3rd Renewal: 5/16/2018
Post your reply or quote more messages.
#2
08-08-2017, 01:53 PM
Senior Member
Joined in Jan 2017
4,996 posts
libertarian1776's Avatar
libertarian1776
0 AP
right-wingers will hate us more for this. lmao
__________________
initial DACA: 6/2012
2nd renewal: 9/2014
3rd renewal: 11/2016
4th renewal: 11/2018
Post your reply or quote more messages.
#3
08-08-2017, 02:28 PM
Senior Member
Joined in Aug 2010
3,741 posts
MIdreamer's Avatar
MIdreamer
0 AP
Why sue? They are a private business, they can do whatever they want. If I'm the loan officer, I wouldn't give DACA recipient loans, the risk is too high. Just look at how uncertain DACA's future is. They will be so out of luck if DACA got recinded.
Post your reply or quote more messages.
#4
08-08-2017, 02:52 PM
Senior Member
Joined in Sep 2012
5,606 posts
JJ Glo's Avatar
JJ Glo
60 AP
Fuck Wells Fargo. They wouldn't even graduate my Secured Credit Card to Unsecured back when I was trying to build my credit. They would send me countless letters of pre-approval for Credit Cards and everytime I applied I was asked for a copy of my Social Security Card and was subsequently denied. I closed my checking account and credit card and took my buisness somewhere else. I have credit cards with all other major banks. Wells Fargo sucks, they want nothing to do with DACA recepients. They will glady take your money though if you want to put it into a bank account.
__________________
Self filed AOS │Apps Received By USCIS - 3/18/19 │Biometrics Done - 4/11/19
Interview Scheduled - 4/24/19│Interview Date - 5/31/19│AOS Approval - 5/31/19
Permanent Resident Card Received - 6/8/19
Post your reply or quote more messages.
#5
08-08-2017, 02:53 PM
Senior Member
Joined in Nov 2015
4,925 posts
Got_Daca's Avatar
Got_Daca
0 AP
Discriminatory lending creates inequality
__________________
Approved: 11/27/2023
U-Visa eligible (not applied yet)
"Dreamers can't take the center stage"
- Democratic Leadership
Post your reply or quote more messages.
#6
08-08-2017, 03:15 PM
BANNED
Joined in Dec 2016
232 posts
undoconyc
0 AP
Quote:
Originally Posted by MIdreamer View Post
Why sue? They are a private business, they can do whatever they want. If I'm the loan officer, I wouldn't give DACA recipient loans, the risk is too high. Just look at how uncertain DACA's future is. They will be so out of luck if DACA got recinded.
You are 100% right.
Post your reply or quote more messages.
#7
08-08-2017, 03:41 PM
Senior Member
Joined in Sep 2014
322 posts
biscuitneck
0 AP
While i can understand the frustrations of not being able to get a loan, i have to say i would side with Wells Fargo on this one.

The fact that the future of DACA recipients is uncertain, it makes it hard to hand out a loan to someone who could potentially end up being suddenly deported. Even if you put collateral and whatnot, it's still a pain in the buns.
__________________
The moment you realize that the Universe does not accommodate to your personal crisis, that's the moment you will figure out a way to reach the light at the end of the tunnel.
Post your reply or quote more messages.
#8
08-08-2017, 03:50 PM
Senior Member
From Chicago > *
Joined in Oct 2007
556 posts
Osito
0 AP
I don't understand why you all would side with a private bank. Sure the risk is big to lend to DACA recipients but it's federal law and if they don't like it then they can spend some of the millions they already spend on lobbying to change the law.
__________________
I should be on trial, for everything I haven't done.
Post your reply or quote more messages.
#9
08-08-2017, 03:52 PM
Senior Member
Joined in Dec 2010
5,411 posts
JohannBernoulli1667's Avatar
JohannBernoulli1667
0 AP
Well, this is the right time to Max out on all the loans you can, then leave the country with your stash of cash.

Jk, don't actually do this.
__________________
"The world is my country, science my religion"- Constantine Huygens
Post your reply or quote more messages.
#10
08-08-2017, 04:53 PM
BANNED
Joined in Jun 2017
3,091 posts
BeeHive
0 AP
Quote:
Originally Posted by Osito View Post
I don't understand why you all would side with a private bank. Sure the risk is big to lend to DACA recipients but it's federal law and if they don't like it then they can spend some of the millions they already spend on lobbying to change the law.
"It is federal law" what? What is federal law? Please tell me.
Last edited by BeeHive; 08-08-2017 at 05:26 PM..
Post your reply or quote more messages.


« Previous Thread | Next Thread »


Contact Us - DREAM Act Portal - Archive - Top
Powered by vBulletin®
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.