NAACP to drop bias allegations against Wells Fargo: report

NEW YORK (Reuters) - The National Association for the Advancement of Colored People will drop a lawsuit alleging Wells Fargo & Co (WFC.N) charged excessive rates to African-Americans who took out subprime mortgages, the Wall Street Journal reported on Wednesday.

The NAACP is dropping the lawsuit in exchange for access to loan data, the newspaper reported, citing an agreement to be announced on Thursday.

Under the agreement, San Francisco-based Wells Fargo will give the NAACP data including annual lending, credit quality and demographic information, the WSJ reported.

NAACP President Benjamin Todd Jealous told the newspaper that the bank also agreed to follow NAACP principles on fairness and lending.

The group has filed separate lawsuits against 14 other lenders, the WSJ reported.

A spokeswoman for Wells Fargo did not immediately return a message seeking comment.

(Reporting by Elinor Comlay)