Wells Fargo receives ‘outstanding’ rating for community lending

(Reuters) – Wells Fargo & Co said on Monday it has received an “outstanding” rating on a U.S. regulatory test for community lending between 2012 and 2018.

The Office of the Comptroller of the Currency assigned the rating to the bank under the Community Reinvestment Act, a law meant to promote lending to poor neighborhoods.

The rating is usually assessed every five years.

The bank has paid over $7 billion in penalties and fees since a sales practices scandal erupted in 2016.

In 2017, federal regulators downgraded Wells Fargo two notches to “needs to improve” from “outstanding” shortly after the scandal broke. https://reut.rs/2VZDMm4

(Reporting by C Nivedita in Bengaluru; Editing by Vinay Dwivedi)