Trouble over phantom accounts isn’t the only problem Wells Fargo is currently facing. Cities have sued Wells Fargo and Bank of America for reverse redlining (lending to equally qualified minorities on less favorable terms than whites).
In its Supreme Court amicus brief in Wells Fargo v. City of Miami and Bank of America v. City of Miami the State and Local Legal Center (SLLC) argues that Miami, and other cities across the country, should have “standing” to sue banks under the Fair Housing Act (FHA) for economic harm caused to cities by discriminatory lending practices. Continue reading