Wells Fargo, one of the largest banks in the United States is facing a lawsuit from its Hispanic employees that accuses the centuries old bank of engaging in predatory lending practices against customers of the same ethnic origin.
The lawsuit, filed June 30 in a Texas federal court, accuses Wells Fargo of pressuring Hispanic employees in San Antonio to redirect Latino customers away from home equity lines of credit to more expensive but profitable refinancing options without furnishing the usual disclosures, according to a complaint filed in court.
Federal regulators on Tuesday ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and more than $2 billion in compensation to customers for what they say was “illegal activity affecting over 16 million consumer accounts.”
The Consumer Financial Protection Bureau said Wells Fargo “repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees,” among other things.
An upcoming drag event in Boise, Idaho that will be targeting young children has received the sponsorship of numerous major corporations, including Target, Wells Fargo, CitiBank, and Hewlett-Packard.
As reported by Breitbart, the Boise Pride Festival will feature an additional event titled “Drag Kids on Stage.” Marketing itself as “a drag show like none other,” the event description says that children as young as 11 will be on-stage.
Recession worries are rising among economists as inflation continues at high levels.
A top Moody’s economist has predicted a recession could hit within the next two years, but others are saying it could happen sooner.
The Biden administration has deputized non-profit groups to move illegal migrants across the nation, allowing the charities to put them up in nice hotels and give them instructions on how to avoid capture.
Rep. Lance Gooden (R-Texas) said Monday that a whistleblower told him about an ongoing operation in San Diego, and decided to go there to see for himself what is going on.
Lumber prices have begun to drop following record highs, with futures closing Monday at their lowest price in over two months.
Lumber futures reached their highest-ever price in early May according to Nasdaq, trading at $1,711.20 per thousand board feet. Futures closed Monday at $966.20 per thousand board feet, still well above pre-pandemic levels which hovered around $400.
Prices skyrocketed due to a variety of factors, including supply chain disruption due to COVID-19 restrictions, labor shortages, and higher demand due to the surge in the housing market, according to a report by Wells Fargo economists. The report noted that while prices were unlikely to return to pre-pandemic levels, restarting domestic lumber production and restoring domestic supply chains would stabilize the market.
Costco will raise its company-wide minimum wage to $16 per hour, a one-dollar increase that raises its wages higher than its fellow big-box retailers, the company’s CEO said during a congressional hearing Thursday.
Costco plans to raise its minimum wage from $15 to $16 because it is committed to paying workers “very competitive retail wages,” CEO Craig Jelinek said during a Senate Budget Committee hearing Thursday. Jelinek stopped short of advocating in favor of a federal minimum wage overhaul, instead saying he was solely focused on Costco.