Wells Fargo Response to New York City Mayor Adams and Comptroller Lander
April 08 2022 - 8:43PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today issued the following
statement responding to New York City Mayor Eric Adams and
Comptroller Brad Lander.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220408005613/en/
(Photo: Wells Fargo)
“We are deeply disappointed that Mayor Adams and Comptroller
Lander would publish a press release like this based solely on a
news report. More specifically, we are deeply disturbed by
irresponsible allegations of discrimination that we believe do not
stand up to scrutiny. We are confident that we follow relevant GSE
guidelines in our decision making and that our underwriting
practices are consistently applied regardless of a customer’s race
or ethnicity. We do not believe that these claims are based on
factual analysis. We welcome the opportunity to correct the record
with city officials.
In 2021, Wells Fargo was the largest bank lender of purchase and
refinances to Black families and this is consistent with our
performance over the last decade (2011 – 2020), in which Wells
Fargo helped as many Black families purchase homes as the next
three largest bank lenders combined.
In addition:
- Wells Fargo helped more Black homeowners refinance their
mortgages in 2020 and 2021 than any other bank.
- The 83% increase in the company’s refinance loans to Black
homeowners in 2020 compared with 2019 also was by far the biggest
gain among the largest banks.
- In 2021, Wells Fargo increased that total by 88% compared to
2020.
- In 2020, if you include loans originated and loans purchased
from correspondent sellers, Wells Fargo funded twice as many loans
overall to Black customers as the next largest bank funder.
Unfounded attacks on Wells Fargo by the city stand in stark
contrast to the significant long-term investments Wells Fargo has
made including $1.3 billion through the New York City Housing and
Development Corporation to finance more than 92 affordable housing
projects; $33 million in Open for Business Fund grants to Community
Development Financial Institutions and non-profits; and $19 million
to support nonprofits in all five boroughs. While some other large
companies have been shrinking their New York presence, Wells Fargo
has meaningfully increased its headcount over the past 12
months.
Minority home-ownership and access to financing is a significant
problem in this country, and Wells Fargo has been and remains
committed to being a leader in taking action to help close this and
other racial equity gaps.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2021, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov
News Release Category: WF- CF
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220408005613/en/
Government Relations & Public Policy Robert Sumner,
(202) 941-4717 Robert.Sumner@wellsfargo.com
Wells Fargo (NYSE:WFC)
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