MORRIS COUNTY — Wells Fargo & Company announced that its most recent Community Reinvestment Act (CRA) rating for the New York multistate metropolitan statistical area (MMSA) is “Outstanding.” Wells Fargo also received a national rating of “Outstanding” from the Office of the Comptroller of the Currency (OCC) as a result of the company’s strong performance on the exam’s components and the company’s proven commitment to serving low- to moderate-income communities. The bank’s strong performance on the exam’s components reflected positive results in the New York MMSA and other markets the bank serves.
“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 York City and the surrounding region has been recognized as ‘Outstanding’,” said Wells Fargo Northeast Lead Region President David Miree. “This result reflects our ongoing commitment to lending to, investing in and providing service to communities throughout the city. We will continue to promote economic growth, sustainable homeownership, and neighborhood stability in low- and moderate-income communities in the greater New York City metropolitan region and everywhere else we do business.”
Wells Fargo’s most recent CRA rating covers the years 2012 to 2018, and a copy of the OCC’s entire report can be found on Wells Fargo’s website (New York MMSA results available beginning on page 122). Specifically, in the New York MMSA, Wells Fargo received an “Outstanding” rating on the Lending Test, an “Outstanding” rating on the Investment Test, and a “High Satisfactory” rating on the Service Test.
Wells Fargo maintains a strong commitment to each community it serves. For example, the Wells Fargo Diverse Community Capital program – a five-year, $175 million commitment to empower diverse small businesses in collaboration with Opportunity Finance Network – has delivered more than 322,000 hours of technical assistance and $781 million in financing to minority-owned small businesses, enabling over 103,000 jobs across the U.S. In March, the company announced that it plans to invest up to $50 million in African American Minority Depository Institutions (MDIs) in order to support economic growth in African American communities.
Additionally, since the close of the most recent exam period, Wells Fargo has deepened its commitment to philanthropy in low- to moderate-income communities. In 2019, the company invested over $21 million in grants to organizations and nonprofits in New York City that address local needs. In March, the company announced that in response to the impact of COVID-19, it would distribute $175 million in donations to help address food, shelter, small business and housing stability, as well as to provide help to public health organizations. In New York City, the company donated $1 million to the NYC COVID-19 Response & Impact Fund to support New York City-based social services and arts and cultural organizations that have been affected by the current coronavirus public health crisis. Wells Fargo also donated $500,000 to non-profit World Central Kitchen, which has been matched by Related Companies and will generate 100,000 meals for New York City COVID-19 first responders.
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- and moderate-income (LMI) populations and individuals. In 2017, Wells Fargo received an exam rating of “Outstanding,” but its final rating was downgraded to “Needs to Improve” due to past legal issues.