Press Statement

UnidosUS Welcomes Wells Fargo DACA Action

March 6, 2020

WASHINGTON, DC—UnidosUS, the nation’s largest Hispanic civil rights and advocacy organization, today lauded Wells Fargo Bank’s announcement that starting this year it will begin offering a broad suite of credit products to the approximately 700,000 people with Deferred Action for Childhood Arrivals (DACA) status. “Today’s announcement by Wells Fargo is welcomed, not just by DACA recipients themselves, but by the entire Latino community,” said Janet Murguía, UnidosUS President and CEO.

Before today’s change, Wells Fargo’s policy held that because DACA recipients’ work authorization is temporary, student loans and certain credit products would not be made available to them. The Mexican American Legal Defense and Educational Fund (MALDEF) challenged this practice in 2017.

“While we understood that Wells Fargo’s underwriters believed its past policies made technical sense, we urged full access for DACA recipients to credit as a matter of both moral fairness and good practice,” Murguía added. “DACA recipients, who by definition arrived to this country as children, are fully American and deserve a fair shot at financial services products like student loans, credit cards, and auto and small business loans that the rest of us take for granted. Our colleagues at MALDEF deserve enormous kudos for their representation of DACA students,” Murguía noted.

“I applaud Wells Fargo’s new CEO Charles Scharf and his team for favorably resolving this issue, which had been a matter of contention for over three years. Together with its recent resolution of longstanding regulatory issues, the DACA announcement is an important indication that the company’s management team is moving swiftly to turn over a new leaf,” Murguía concluded.

UnidosUS, previously known as NCLR (National Council of La Raza), is the nation’s largest Hispanic civil rights and advocacy organization. Through its unique combination of expert research, advocacy, programs, and an Affiliate Network of nearly 300 community-based organizations across the United States and Puerto Rico, UnidosUS simultaneously challenges the social, economic, and political barriers that affect Latinos at the national and local levels. For more than 50 years, UnidosUS has united communities and different groups seeking common ground through collaboration, and that share a desire to make our country stronger. For more information on UnidosUS, visit www.unidosus.org or follow us on Facebook, Instagram, and Twitter.

UnidosUS President and CEO Janet Murguía is a member of the Wells Fargo Stakeholder Advisory Council.

Contact:
Kristel Mucino
news@unidosus.org
(202) 776-1766