Panel's top Dem calls for release of Wells Fargo report

Panel's top Dem calls for release of Wells Fargo report
© Greg Nash

The top Democrat on the House Financial Services Committee is calling on federal regulators to release a report on Wells Fargo’s efforts to meet the credit needs of its customers.

Rep. Maxine Waters (Calif.) asked Comptroller of the Currency Thomas Curry in a Tuesday letter to unveil the results of a 2012 analysis of Wells Fargo’s adherence to the Community Reinvestment Act (CRA).

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Waters pointed to several fines paid by Wells Fargo, including the recent $184 million penalty for opening unauthorized accounts for customers. Though Wells Fargo earned an “outstanding” rating in a 2009 CRA assessment, Waters said the delayed release of the 2012 report concerns her.

“The bank’s 2016 CRA rating — an examination that is currently underway — may actually fail to consider the extensive fair lending and consumer compliance violations that have occurred at Wells Fargo in the intervening seven years since its last public CRA score in 2009,” wrote Waters.

Wells Fargo paid a $1.2 billion fine in April for improper mortgage lending practices, a $3.6 million fine in August for charging illegal fees to student loan borrowers and entered into a $184 million settlement for steering minorities into subprime mortgages with higher fees. 

“Neither Congress nor the American public should have to wait seven years for the OCC to release information about Wells Fargo’s performance under CRA,” wrote Waters. 

Wells Fargo is facing immense pressure after the Consumer Financial Protection Bureau's fine for opening unauthorized accounts. Former CEO John Stump resigned after lawmakers from both parties grilled him in congressional hearings, some even suggesting he face charges. 

--Updated on October 19th