Wells Fargo and MALDEF in Support of Daca Wells Fargo Announces Plans to Provide DACA Recipients Credit Products by DAVID J. KENNEDY
Wells Fargo plans to provide Deferred Action for Childhood Arrivals (DACA) recipients in Alaska and across the nation with access to education loans, auto loans, personal loans, credit cards, and small business credit, starting in the first half of 2020 and continuing into first quarter of 2021. In addition, Wells Fargo will make mortgage and home equity loans to eligible DACA customers except where prohibited by specific investors. This expanded credit access was informed by ongoing engagement with the Mexican American Legal Defense and Education Fund (MALDEF), which provided valuable insight into the needs of these young individuals.
“Wells Fargo believes it is incumbent upon us to make credit as available as possible for DACA recipients as they seek to realize their aspirations” said Wells Fargo Alaska Region Bank President Greg Deal. “This is part of our continuing commitment to provide responsible lending and to expand our financial support for the many diverse communities we serve.” As the credit offering is expanded, Wells Fargo will continue reviewing applications for credit with its responsible lending guidelines to ensure loans are made to consumers who have the ability to repay. Wells Fargo and MALDEF also will work together to make available financial compensation to DACA recipients who may have been denied credit in the past by Wells Fargo.
