Wells Fargo receives 'outstanding' rating for community lending

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The Office of the Comptroller of the Currency assigned the rating to the bank under the Community Reinvestment Act, a law meant to promote lending to poor neighborhoods.

The rating is usually assessed every five years.

The bank has paid over $7 billion in penalties and fees since a sales practices scandal erupted in 2016.

In 2017, federal regulators downgraded Wells Fargo two notches to “needs to improve” from “outstanding” shortly after the scandal broke. https://reut.rs/2VZDMm4