WASHINGTON, March 28 A U.S. bank regulator has
flunked Wells Fargo on a national scorecard for community
lending, the lender said on Tuesday as it tries to repair its
reputation after a phony-accounts scandal.
Wells Fargo was deemed a bank that "needs to improve" under
the Community Reinvestment Act (CRA), a law meant to promote
lending to poor neighborhoods.
The Office of the Comptroller of the Currency, the leading
regulator for national banks, scores banks on CRA ratings.
Wells Fargo has a track record of serving needy communities
but the lender has yet to see its way through scandals, said Tim
Sloan, the chief executive officer.
"We are committed to addressing the OCC's concerns because
restoring trust in Wells Fargo and building a better bank... is
our top priority,” Sloan said in a statement.
(Reporting By Patrick Rucker; Editing by Chizu Nomiyama)