Trump admin investigates Wells Fargo over minority lending

(CNN)– The Trump Administration is investigating Wells Fargo over programs and commitments to boost black homeownership.

The Wall Street Journal reports the Department of Housing and Urban Development sent a letter to the bank’s chief executive.

The letter says “HUD” will consider whether the bank violated fair lending laws by favoring Black or other minority homeowners.

The letter accuses the bank of sorting prospective homeowners and offering differing products or terms based on race.