Texas Border Business
McAllen, TX – Wells Fargo & Company today announced that its most recent Community Reinvestment Act (CRA) rating for Texas is “Outstanding.” Wells Fargo also received a national rating of “Outstanding” from the Office of the Comptroller of the Currency (OCC) as a result of the company’s strong performance on the exam’s components and the company’s proven commitment to serving low- to moderate-income communities. The bank’s strong performance on the exam’s components reflected positive results in Texas and other markets the bank serves.
“While we’re incredibly proud that our national CRA rating reflects the work Wells Fargo has been doing to serve low- and moderate-income communities, we’re also honored that our work in Texas has been recognized as “Outstanding,” said David Miree, Texas lead region president. “This result reflects our ongoing commitment to lending to, investing in and providing service to communities throughout the state of Texas. We will continue to promote economic growth, sustainable homeownership and neighborhood stability in low- and moderate-income communities in Texas and everywhere else we do business.”
Wells Fargo’s most recent CRA rating covers the years 2012 to 2018, and a copy of the OCC’s entire report can be found on Wells Fargo’s website (Texas results available beginning on page 680). Specifically, in Texas, Wells Fargo received an “Outstanding” rating on the Lending Test, a “High Satisfactory” rating on the Investment Test, and an “Outstanding” rating on the Service Test.
Wells Fargo maintains a strong commitment to each community it serves. For example, the Wells Fargo Diverse Community Capital program – a five-year, $175 million commitment to empower diverse small businesses in collaboration withOpportunity Finance Network – has delivered more than 322,000 hours of technical assistance and $781 million in financing to minority-owned small businesses, enabling over 103,000 jobs across the U.S. In March, the company announced that it plans to invest up to $50 million in African American Minority Depository Institutions (MDIs) in order to support economic growth in African American communities.
Additionally, since the close of the most recent exam period, Wells Fargo has deepened its commitment to philanthropy in low- to moderate-income communities. In 2019, the company invested $34.6 million in grants to Texas organizations and nonprofits. In March, the company announced that, in response to the impact of COVID-19, it would distribute $175 million in donations to help address food, shelter, small business and housing stability, as well as to provide help to public health organizations.
 rating for Texas is “Outstanding.” Wells Fargo also received a national rating of “Outstanding” from the Office of the Comptroller of the Currency (OCC) as a result of the company’s strong performance on the exam’s components and the company’s proven commitment to serving low- to moderate-income communities.){kind=link}