WASHINGTON - Two community groups are challenging Wells Fargo & Co.'s proposed $907 million acquisition of National Bancorp of Alaska.On Monday, Inner City Press/Community on the Move and the Alaska Public Interest Research Group filed a 24-page protest of the companies' merger application to the Federal Reserve Board. The two groups argued that Wells has a history of targeting minority group members for high-interest-rate credit products and doing business with predatory lenders, including finance companies Delta Funding and First Alliance.

"It is imperative that the Fed finally scrutinize Wells' subprime lending in this proceeding," Matthew Lee, executive director of Inner City Press, said in a prepared statement.

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