Home / Daily Dose / Wells Fargo Receives ‘Outstanding’ Community Reinvestment Act Rating
Print This Post Print This Post

Wells Fargo Receives ‘Outstanding’ Community Reinvestment Act Rating

The Office of the Comptroller of the Currency (OCC) has released a list of Community Reinvestment Act (CRA) performance evaluations. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.

Of the 20 evaluations that became public during the period of April 1 through April 30, 16 are rated satisfactory and four are rated outstanding: First National Bank of Okawville, Western National Bank, Liberty National Bank, and Ladysmith FS & LA.

For the ratings covering the years 2012 to 2018, Wells Fargo announced that it received a rating of “Outstanding”.

“While Wells Fargo still has work to do to regain the trust of our customers, regulators and others, our strong commitment to lending to, investing in and providing service to low- and moderate-income communities across the country has not wavered, and this rating is proof that our work is making a difference,” said Wells Fargo CEO Charlie Scharf. “We are proud of the positive steps we have taken in recent years, and are pleased that the OCC noted this progress. Wells Fargo will continue to help promote economic growth, sustainable homeownership and neighborhood stability in low- and moderate-income communities where we do business.”

Wells Fargo Community Lending and Investment provides financial solutions to support the community development needs that are not met through traditional financing methods. Wells Fargo Community Lending and Investment committed $4.3 billion of debt and equity capital during 2019 in cities across the country in 265 transactions.

The CRA Performance Evaluation notes that Wells Fargo, is a “leader in making community development (CD) loans” and makes “significant use of innovative and/or flexible loan products” to meet credit needs.

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.

Check Also

Federal Reserve Holds Rates Steady Moving Into the New Year

The Federal Reserve’s Federal Open Market Committee again chose that no action is better than changing rates as the economy begins to stabilize.