Wells Fargo (WFC) earned next to the lowest rating in a community lending review after its bogus accounts scandal and claims of racial discrimination on mortgages overwhelmed the bank’s high scores on individual sections of the exam, according to a federal regulator.
The San Francisco-based bank’s overall rating “was lowered from ‘outstanding’ to ‘needs to improve’ as a result of the extent and egregious nature of the evidence of discriminatory and illegal credit practices,” the Office of the Comptroller of the Currency said in a report, citing “significant harm to large numbers of customers.”
