Wells Fargo Announces CRA Rating of "Outstanding" in Georgia
Tuesday, May 12th, 2020
Wells Fargo & Company announced that its most recent Community Reinvestment Act (CRA) rating for Georgia 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. These ratings reflected positive results in Georgia and other markets the bank serves.
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.
"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 Georgia has been recognized as ‘Outstanding,’” said Wells Fargo Southeast Lead Region President Darryl Harmon. “This result reflects our ongoing commitment to lending to, investing in and providing service to communities throughout the state. We will continue to promote economic growth, sustainable homeownership and neighborhood stability in low- and moderate-income communities in Georgia and everywhere else we do business.”
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 $11 million in grants to 600 organizations and nonprofits in Georgia 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 this year to help address food, financial health, small business and housing stability, as well as to provide help to public health organizations.