Waters Statement on Wells Fargo “Needs to Improve” CRA Rating

WASHINGTON, D.C. - Today, in response to the Office of the Comptroller of the Currency’s issuance of a “needs to improve” rating to Wells Fargo on their Community Reinvestment Act exam, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement:

“I am pleased that the Office of the Comptroller of the Currency (OCC) is finally taking action to ensure that Wells Fargo is held accountable to its responsibilities and obligations under the Community Reinvestment Act. It is clear from their egregious misdeeds in recent years that Well Fargo does indeed need to improve their practices as a bank.

In October of 2016, Ranking Member Waters sent a letter to the OCC expressing serious concern over a seven-year delay in the public availability of Wells Fargo’s performance evaluation under the Community Reinvestment Act.

Waters continued:

“Wells Fargo also “needs to improve” their responsiveness to inquiries from Democratic Members of the House Financial Services Committee. Despite several requests, Wells Fargo executives have refused to be interviewed by Democratic Committee staff regarding the Committee’s ongoing investigation into the bank’s fraudulent activity.”

Earlier this month, Ranking Member Waters sent a letter to Wells Fargo regarding their refusal to be interviewed by Democratic Committee staff.

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