Wells Fargo Cutting Home Loans to Whites, Will Focus On Lending To ‘Minorities’

Wells Fargo, the top mortgage lending institution in the U.S., announced its cutting home loan services to instead focus on select customers, namely “individuals and families in minority communities.”

The financial services company claimed the decision is based on market changes and a slowing economy, but that apparently isn’t stopping the company from woke virtue-signaling.

“We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus,” Kleber Santos, CEO of Consumer Lending said in a press release, according to the New York Post.

Kristy Fercho, Well Fargo’s head of Home Lending and head of Diverse Segments, Representation and Inclusion, noted that the company instead will “expand” its operations to focus on minority borrowers.

“We will continue to expand our programs to reach more customers in underserved communities by leveraging our strong partnerships with the National Urban League, Unidos US and other non-profit organizations,” Fercho said.

“We also will hire additional mortgage consultants in communities of color,” she added.

The company will reportedly continue to cater to existing customers and “underserved communities.”

The Post also reported the company intends to “expand its retail team by focusing on existing bank customers and underserved communities, invest an additional $100 million to ‘advance racial equity in homeownership’ and deploying additional Home Mortgage Consultants in local minority communities.”

“The press release highlighted that $150 million will also be used to serve minority communities looking to refinance or buy a home, ‘helping more black and hispanic families achieve homeownership,’” The Post added.

This comes amid a general mortgage collapse as the Federal Reserve has been hiking interest rates over the last year to supposedly fight historic 40-year-high inflation.

Keep reading

US Virgin Islands AG is FIRED just days after she sued JPMorgan Chase – accusing the bank of ‘pulling the levers’ in Jeffrey Epstein’s sex crimes and ‘turning a blind eye’ as he abused minors at his villa

The attorney general of the US Virgin Islands has been fired by the territory’s governor just days after filing a lawsuit accusing JPMorgan Chase of ‘turning a blind eye’ to Jeffrey Epstein‘s prolific sex crimes. 

USVI Governor Albert Bryan Jr confirmed in a statement on Sunday that he had ‘relieved Denise George of her duties as attorney general this weekend’ without offering further details. 

George, who had served as the territory’s attorney general for four years, on Tuesday filed a massive lawsuit against JPMorgan, accusing the bank of ‘knowingly providing and pulling the levers through which [Epstein’s] recruiters and victims were paid.’

She did not warn Bryan of her intent to file the lawsuit, and the incident was the final straw in the governor’s increasingly frustrated relationship with her, the Virgin Islands Consortium reported, citing a source familiar with the matter.

Keep reading

Banks Might Start Closing Accounts Of Customers Who Buy Too Many Guns Or Too Much Ammo

For more than half-a-century, Uncle Sam has been giving banks the legal tools to snoop into the otherwise-private affairs of their customers. Now, they are monitoring the exercise of their Second Amendment rights. 

Thanks to a recent move by the International Organization for Standardization (ISO, headquartered in Switzerland), U.S. banks are starting to build databases on their customers’ purchases of firearms and ammunition. And, of course, they are ready and quite willing to share that information with federal law enforcement in the name of providing a public service to identify “mass shooters.”

This invasion of privacy began in earnest with enactment of the Bank Secrecy Act of 1970, which mandated that banks assist federal law enforcement in uncovering, investigating, and ultimately prosecuting violations of federal law. 

Banks have long complained about the burdens of compliance with the 1970 law and several related laws signed since then due to the multi-faceted regulations they spawned. But the trove of data these procedures have allowed banks to gather and database has more than paid for the costs of compliance.

These laws’ main focus, according to the Treasury Department, which has primary responsibility to their enforcement, has been money laundering. Over the years, however, the many-headed hydra we call the system now includes virtually any banking customer activity that a bank employee might consider to be suspicious. In fact, banks’ primary tool in this regard is a document called a “Suspicious Activity Report” or “SAR.”

Then there is the USA PATRIOT Act, passed in the immediate aftermath of the 911 attacks.

The vast reach of the Patriot Act has been a shot of adrenaline to bank “secrecy” laws, creating new sets of problems for banking customers, especially those who operate lawful businesses overseas or engage in transactions with foreign persons or businesses. Banks have at times decided it is easier to simply close down accounts of customers with overseas connections, rather than run the risk of coming under suspicion from Uncle Sam.

The paperwork required of any current or prospective customer of a financial services institution looking to borrow funds for a home, car, or other legal purpose, has ballooned since the Patriot Act’s passage. 

As troublesome as this absurdly massive paperwork burden has become for homebuyers and vehicle purchasers, the banking sector is now zoning in on something far more problematic: customers’ exercise of their Second Amendment rights here at home.

Keep reading

Gun Shops And Customers Claim Credit Card Firms “Restrict” Firearm Purchases

Gun rights advocates warned that a new change to the credit card industry to add a firearm and ammunition-specific Merchant Category Code (MCC) for gun stores wasn’t about tracking guns necessarily, but could lead to the denial of lawful firearms purchases by law-abiding citizens.

In September, Visa, Mastercard, and American Express all said they would adopt the MCC code to categorize sales at gun shops; months later, several social media posts of alleged gun stores and customers claim they experienced card issues.   

Twitter account “Battlecock Tactical” tweeted, “Federal Firearms License [gun shop] in a Facebook group shared this. Looks like the doomers accurately called how that new firearms merchant code would go down.” 

Battlecock Tactical’s images show what appears to be a retail POS system at an FFL that reads $913.70 transaction was “declined.” The error code on the merchant’s computer read: 

“Transaction declined: Charge declined RESTRICTED CARD Customer bank does not allow this card to be used at this type of merchant.” 

Keep reading

Trudeau says he feels “serene and confident” over decision to freeze protesters’ bank accounts

In his testimony before the Public Order Emergency Commission (POEC), Prime Minister Justin Trudeau tried to justify his use of the Emergencies Act to stop the Freedom Convoy protest by blacklisting and freezing the bank accounts of protesters supporting civil liberties.

Trudeau admitted that the protests were not violent but still insisted that he is “confident” with his decision to use a law that has never been used before to stop the protests.

“There was no loss of life. There was no serious violence. There hasn’t been a recurrence of these kinds of illegal occupations since then. I am absolutely serene and confident that I made the right choice in agreeing with the invocation,” Trudeau told the commission that is investigating whether the government’s decision to use the Emergencies Act was justifiable.

Trudeau said that the “responsibility of a prime minister is to make the tough calls and keep people safe.”

Keep reading

Jeffrey Epstein victims sue JPMorgan Chase and Deutsche Bank for ‘facilitating his sex-trafficking operation and ignoring red flags’: Women claim large cash sums were withdrawn to pay them for sex

Victims of Jeffrey Epstein are suing Deutsche Bank and JPMorgan Chase, alleging they ‘played an integral role’ in the pedophile financier’s campaign of sexual abuse.

In two lawsuits filed in New York on Thursday, the women say the banks facilitated Epstein’s sex trafficking operation because large sums of money were withdrawn to pay his victims.

They are also accused of ignoring ‘red flags’ and putting profit before the law. 

Bradley Edwards, a lawyer in the case against Deutsche Bank, told the Wall Street Journal: ‘The time has come for the real enablers to be held responsible, especially his wealthy friends and the financial institutions that played an integral role.

‘These victims were wronged, by many, not just Epstein. He did not act alone.’

Epstein took his own life in a New York prison in 2019 while awaiting trial for sex trafficking.

Both lawsuits are class action cases that name the plaintiffs as ‘Jane Doe 1, individually and on behalf of all others similarly situated’.

Keep reading

UK “Nudge Unit” recommends banks track carbon footprint of transactions, reward “sustainable behaviors”

An influential United Kingdom (UK) based social purpose organization that was blamed for the UK government’s use of “grossly unethical tactics to scare public into Covid compliance” is recommending that banks use the “wealth of data that they hold” to provide “carbon feedback” on transactions and introduce social credit-style rewards and incentives to encourage “sustainable behaviours.”

The measures are being pushed by the Behavioural Insights Team (also known as “The Nudge Unit”) which specializes in using behavioral insights to “nudge” people into changing their behavior.

In a recent blog post, The Nudge Unit revealed that it had partnered with “carbon footprint management” company Cogo to “explore how banks should go about nudging their customers to go green.”

Cogo already has partnerships with several banks, including the UK’s NatWest bank, which uses Cogo’s services to provide a personalized, real-time carbon footprint tracker in its mobile app. Cogo’s carbon footprint tracker displays carbon footprint saving and recommendation messages next to transactions. The messages include “you could save up to 138kg [of carbon] by taking public transport” and “you could save up to 7kg of carbon by changing your diet.”

Keep reading

PayPal Sneakily Adds $2,500 Draconian Fines For ‘Misinformation’ Back To It’s Terms Of Service

A little over 2 weeks ago, PayPal made an announcement that the company planned on “fining” users $2,500 for spreading so-called “misinformation.”

Eventually the company wiped the whole initiative due to furious users and plummeting stock. But as people pointed out on Wednesday, it appears PayPal is quietly bringing those $2,500 fines back.

It’s right here in black and white…I plan on calling tomorrow to cancel my account. pic.twitter.com/RnN7ctLQop

— Chris Humphries (@ChrisHump40) October 27, 2022

The internet erupted with backlash over this news yet again, with even more users threatening to ditch the platform forever over this resurfaced announcement. 

Initially, PayPal shamelessly walked their comments back, saying they were made “in error.”

“An [Accepted Use Policy] notice recently went out in error that included incorrect information,” said a company spokesperson. “PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy. We’re sorry for the confusion this has caused.”

The whole situation quickly morphed into a PR nightmare for the company, as users were clear about their plans to move their money away from PayPal in place of an alternative payment processor.

“Sorry PayPal, but it was no accident those words were even typed in the first place,” wrote one user on Twitter.

Now that PayPal is seemingly adding the draconian clause to their terms of service again. Users are calling the company’s “in error” claims out for what they truly were: blatant lies.

Keep reading