Wells Fargo Corp. and HSBC Holdings PLC defended their lending practices on Friday after the National Association for the Advancement of Colored People's announcement it was filing lawsuits against the two banks alleging 'systematic, institutionalized racism' in their lending to certain borrowers.

'We stand by our fair lending and consumer protection practices, and we are confident that we are treating our customers fairly and with integrity,' an HSBC spokeswoman said in an emailed response.

Wells Fargo said in a statement also sent via email that the allegations 'are totally unfounded and reckless,' and described the thought of a discrimination claim 'reprehensible.'

Wall Street Journal