Citing misdeeds, U.S. gives Wells Fargo failing grade on lending

Source: Stacy Cowley, N.Y.Times (Paid Registration)

In the latest blow to Wells Fargo’s efforts to rebuild its reputation after months of turmoil, the bank on Tuesday received a failing score on community lending from its federal regulator.  Wells Fargo was given a “needs to improve” rating on its latest evaluation under the Community Reinvestment Act, a 1977 law intended to promote lending in low-income neighborhoods.

The Office of the Comptroller of the Currency, said it had uncovered “an extensive and pervasive pattern and practice of discriminatory and illegal credit practices across multiple lines of business within the bank, resulting in significant harm to large numbers of consumers.”

The regulatory action came on the same day that the bank agreed to pay $110 million to settle a class-action lawsuit over its creation of unauthorized customer accounts.

Read Full Article: Citing misdeeds, U.S. gives Wells Fargo failing grade on lending

 
 

Quick Menu

Support Consumer Action

Support Consumer

Join Our Email List

Optional Member Code
Facebook FTwitter T

Housing Menu

Help Desk

Advocacy