Citing Misdeeds, U.S. Gives Wells Fargo Failing Grade on Lending
“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.
Drawing on both public material and confidential information obtained during its review, the bank’s regulator, 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.'”