$3.1B Profit at Wells Fargo

Wells Fargo announced Wednesday it earned $3.1 billion in the second quarter, a 20 percent jump in profits for the San Francisco bank over the prior quarter. The bank said part of that was attributable to improving credit quality.

The news comes two days after Memphis congressman Steve Cohen chaired a field hearing in Memphis of his House subcommittee on commercial and administrative law, at which Wells Fargo was a hot topic. Several panel witnesses took Wells to task for the same thing Memphis and Shelby County filed a federal lawsuit against the lender over last year – the allegation that it targeted black borrowers here for high-cost, predatory loans.