Wells Fargo says flunked test for community lending

[Thelurker1234]

[quote]Wells Fargo & Co ([URL="http://www.reuters.com/finance/stocks/overview?symbol=WFC.N"]WFC.N[/URL]) has flunked a U.S. regulatory test on a national scorecard for community lending, the bank said on Tuesday, as it tries to repair its reputation after a phony-accounts scandal.
The Office of the Comptroller of the Currency deemed Wells Fargo a bank that "needs to improve" under the Community Reinvestment Act, a law meant to promote lending to poor neighborhoods, the bank said in a statement.
Wells Fargo had previously boasted an "outstanding" score on the Community Reinvestment Act. The new ranking gives regulators a greater say over day-to-day matters, such as branch openings.
In September, Wells Fargo said employees had wrongly created as many as 2 million accounts without customer approval.[/quote]

[url]http://www.reuters.com/article/us-wellsfargo-accounts-idUSKBN16Z2GZ?il=0[/url]

Good thing I got outta that bank a few months ago lol