Wells Fargo rated ‘Outstanding’ by OCC for community reinvestment
Wells Fargo & Co. announced that its most recent Community Reinvestment Act (CRA) rating for Iowa is “Outstanding.” Wells Fargo also received a national rating of “Outstanding” from the Office of the Comptroller of the Currency for the examination period of 2012 to 2018. Established by Congress in 1977, the CRA encourages banks to meet the credit needs of all segments of the communities where and with whom they do business, including low- to moderate-income populations and individuals. “While we’re incredibly proud that our national CRA rating reflects the work Wells Fargo has been doing to serve low- to moderate-income communities, we’re also honored that our work in Iowa has been recognized as ‘Outstanding,’ ” said Marta Codina, region bank president. “This result reflects our ongoing commitment to lending to, investing in and providing service to communities throughout the state.” In its previous CRA evaluation in 2012, Wells Fargo was rated “Needs to Improve” due to numerous evidence of discriminatory or other illegal credit practices. During the most recent evaluation period, Wells Fargo originated or purchased $10.1 billion in loans, or 0.5 percent of total reported loan originations in the state. The bank’s primary loan products in Iowa are home mortgage loans and small loans to businesses.