The Sun, October 10, 2023, Final Hours Until Wells Fargo Closes Two Locations As 100 Are Set To Shut Down This Year
Two more Wells Fargo branch locations are set to shutter in New Mexico on October 4.
Banks have pointed to plans to digitize as the main culprit for the closures, but the rate has shocked some lawmakers into action.
Around one-third of the bank closures happened in minority-majority neighborhoods, according to a study by the National Community Reinvestment Coalition.
The finding galvanized Ohio Democratic Senator Sherrod Brown to write a letter to the Office of the Comptroller of the Currency in March.
“I am concerned about bank branch closures in low- to moderate-income (LMI) communities in Ohio and across the country,” Brown wrote in the letter.
“I hope that we can see real changes to the bank merger process to ensure that all communities have access to banking services.”
