Wells Fargo Response to Press Conference on Unfounded Allegations
April 25 2022 - 12:48PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today issued the following
statement responding to comments made at a press conference by
plaintiffs’ attorneys Ben Crump, Linda Friedman, and Suzanne
Bish.
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View of city buildings from above.
(Photo: Wells Fargo)
“We are deeply disturbed by allegations of discrimination that
we believe do not stand up to scrutiny. We are confident that we
follow relevant government-sponsored enterprise (GSE) guidelines in
our decision making and that our underwriting practices are
consistently applied regardless of a customer’s race or ethnicity.
These unfounded attacks on Wells Fargo stand in stark contrast to
the company’s significant and long-term commitment to closing the
minority homeownership gap.
In 2020, Wells Fargo was the largest bank lender for home
mortgages to Black families and this is consistent with our
performance over the last decade (2011 – 2020), in which the
company 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 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 106% compared to
2020.
Minority homeownership and access to financing is a significant
problem in this country, and Wells Fargo has been and remains
committed to taking action to help close this and other racial
equity gaps. In fact, earlier this month, the company announced a
$210 million commitment to help minority families realize their
dream of homeownership, including $150 million to lower mortgage
rates and reduce refinancing costs for eligible homeowners who
could benefit from a refinance product. This program goes beyond
the usual lending programs and puts the company’s own money to work
refinancing Black families’ homes.”
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 a 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/20220425005718/en/
Media Beth Richek, 704-374-2545
Beth.Richek@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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