Wells Fargo Bank N.A. has earned a national rating of “Outstanding” in the most recent Community Reinvestment Act Performance Evaluation, its parent, Wells Fargo & Co., announced recently.
The New York region, which includes Newark, Jersey City and Trenton, and the Philadelphia region, which includes Camden and Atlantic City, both received “Outstanding” ratings, as well. The ratings represent performance on an exam and commitment to serving low- and moderate-income communities.
“While we’re incredibly proud that our national CRA rating reflects the work Wells Fargo has been doing to serve low- and moderate-income communities, we’re also honored that our work in New Jersey and the surrounding region has been recognized as ‘Outstanding,’” Northeast Lead Region President David Miree said in a prepared statement. “This result reflects our ongoing commitment to lending to, investing in and providing service to communities throughout the area.
“We will continue to promote economic growth, sustainable homeownership and neighborhood stability in low- and moderate-income communities in New Jersey and the region, and everywhere else we do business.”
The bank, which has a major presence in New Jersey, said the score represented a rebound from legal issues that lowered its 2017 rating to “Needs to Improve.”
“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,” CEO Charlie Scharf said in a statement. “We are proud of the positive steps we have taken in recent years, and are pleased that the (Office of the Comptroller of the Currency) noted this progress.”
The most recent ratings cover the years 2012 to 2018, Wells Fargo said.