Keep the Information Flowing
Small contributions go a long way. Your donation to Consumer Action, a 501 (c)(3) nonprofit, nonpartisan organization, can help us cover the cost of research, writing, and translation of our materials. To keep our services free for those who need them. Select an amount to give.
Released: March 29, 2017
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
Support Consumer Action
Join Our Email List
- Help Desk
- Submit Your Complaints
- Frequently Asked Questions
- Links to Consumer Resources
- Consumer Service Guide (CSG)