Why Have Banks Stopped Lending to Low-Income Us Americans? By the end of September, the Federal Reserve circulated its yearly number of information collected beneath the home loan Disclosure Act. The report details that the country’s three largest banks—Wells Fargo, Bank of America, and JPMorgan Chase—have sharply cut back on lending to low-income people over the past few years among other findings. The three banking institutions’ mortgages to low-income borrowers declined from 32 % this year to 15 per cent…