• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
FinanceGlobal 500

Lawsuit Claims Wells Fargo Denied Student Loans to ‘Dreamer’ Immigrants

By
Feliz Solomon
Feliz Solomon
Down Arrow Button Icon
By
Feliz Solomon
Feliz Solomon
Down Arrow Button Icon
January 30, 2017, 10:42 PM ET
JPMorgan Chase & Co. And Wells Fargo & Co. Bank Branches Ahead Of Earnings
A woman walks past a Wells Fargo & Co. bank branch in Los Angeles, California, U.S., on Tuesday, July 7, 2015. Wells Fargo & Co. is scheduled to report quarterly earnings on July 14. Photographer: Patrick T. Fallon/Bloomberg via Getty ImagesPatrick T. Fallon—Bloomberg/Getty Images

Wells Fargo (WFC) is under new pressure this week after a federal lawsuit was filed Monday accusing the bank of denying loans for immigrants who live, work and study in the U.S. legally.

The Associated Press reports that the suit, filed by the Mexican American Legal Defense and Educational Fund (MALDEF) in Los Angeles, claims that Wells Fargo denied student loans to young immigrants enrolled in the Deferred Action for Childhood Arrivals (DACA) program, created by former President Barack Obama.

The plaintiffs seek a court order deeming the policy discriminatory, and requiring Wells Fargo to grant loans to DACA participants, who are not yet citizens but are afforded a number of rights and protections under the program. Immigrants involved in the suit meet all identification requirements for financing, the AP reports, but were denied because they do not have citizenship.

“Every day I consider not completing my education because I don’t have the means,” Mitzie Perez, a 25-year-old plaintiff in the case, told the AP. Perez, who emigrated from Guatemala in 1997, was reportedly unable to proceed with an online loan application after entering her residency status.

“It’s very important in our view to establish that there are clear rules against this kind of discrimination, particularly in a time like this,” Thomas A. Saenz, president and general counsel of MALDEF told the AP.

For more on immigration policy, watch Fortune’s video:

Wells Fargo reportedly indicated that it was disappointed that the issue could not be resolved out of court. The bank said in a statement that it “understands the dream of pursuing higher education,” and will stay “focused” on its efforts to provide student financing to U.S. residents and citizens.

Experts in the financial field told the AP that students who are not permanently in the U.S. can pose challenges to lending banks for a number of reasons, such as incompatibility with foreign banks that can make payments difficult.

Obama created the DACA program in 2012, and some 750,000 immigrants have been approved to join the initiative, which affords certain protections to young people who were illegally brought to the U.S. by their parents before turning 16. Under DACA, the so-called “dreamer” generation are allowed to pursue permanent residency or citizenship while being granted the right to live, work and study without threat of deportation.

Newly elected President Donald Trump has shown a less welcoming stance on immigration, and many fear that the DACA program could be in jeopardy under his command. He has already signed executive orders designed to control immigration—a key promise throughout his campaign—by banning immigrants from seven predominantly Muslim countries and pledging to build a wall between the U.S. and Mexico.

 

About the Author
By Feliz Solomon
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

ta
EconomySocial Media
They created AI nudes that got millions of views online. Now they’re being charged with crimes
By Jake Offenhartz and The Associated PressMay 22, 2026
7 minutes ago
Best private student loans in May 2026
Personal FinanceLoans
Best private student loans in May 2026
By Joseph HostetlerMay 22, 2026
10 minutes ago
g
Energygas
Gavin Newsom takes rare step of telling Californians to avoid Chevron: ‘Big Oil is already making billions off Trump’s Iran War’
By Sophie Austin and The Associated PressMay 22, 2026
17 minutes ago
dimon
Investingbubble
Jamie Dimon sees ‘exuberance’ in markets. That’s a loaded word when it comes to bubbles popping
By Nick LichtenbergMay 22, 2026
54 minutes ago
Current price of Bitcoin for May 22, 2026
Personal FinanceCryptocurrency
Current price of Bitcoin for May 22, 2026
By Joseph HostetlerMay 22, 2026
2 hours ago
Current price of Ethereum for May 22, 2026
Personal FinanceEthereum
Current price of Ethereum for May 22, 2026
By Joseph HostetlerMay 22, 2026
2 hours ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
24 hours ago
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
Success
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
By Preston ForeMay 20, 2026
2 days ago
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
3 days ago
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
Workplace Culture
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
By Sydney LakeMay 20, 2026
2 days ago
Current price of oil as of May 21, 2026
Personal Finance
Current price of oil as of May 21, 2026
By Joseph HostetlerMay 21, 2026
1 day ago
A 'proudly autistic' workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
Conferences
A 'proudly autistic' workplace expert says putting neurodivergent employees in a typical office is like dropping a polar bear in Austin, Texas
By Tristan BoveMay 20, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.