SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) today issued the following statement in response to New York City Mayor Eric Adams and Comptroller Brad Lander.
“We are deeply disappointed that Mayor Adams and Comptroller Lander are issuing a press release like this based solely on a news report. Specifically, we are deeply troubled 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 applied consistently, regardless of a client’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 purchase and refinance bank lender to Black families and this is consistent with our performance over the past decade (2011 – 2020), in which Wells Fargo has helped so many families black women to buy houses like the three largest bank lenders combined.
Wells Fargo has 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 to 2019 was also by far the biggest gain among the biggest banks.
In 2021, Wells Fargo increased that total by 88% over 2020.
In 2020, if you include loans originated and loans purchased from matching sellers, Wells Fargo funded twice as many total loans to black customers as the second-largest bank lender.
The city’s baseless attacks on Wells Fargo 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 fund more than 92 projects. affordable housing; $33 million in grants from the Business Open Fund to community development finance institutions and nonprofit organizations; and $19 million to support non-profit organizations in the five boroughs. While some other major companies have reduced their presence in New York, Wells Fargo has significantly increased its workforce over the past 12 months.
Minority homeownership and access to finance is a significant issue in this country, and Wells Fargo has been and remains committed to being a leader in taking steps to help close this gap and others. racial equity gaps.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $1.9 trillion in assets, proudly serves one in three American households and more than 10% of small businesses in the United States , and is the leading provider of middle market banking services. in the United States We offer a diverse set of banking, investment and mortgage products and services, as well as consumer and commercial finance services, through our four reportable operating segments: Consumer and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Management. Wells Fargo ranked No. 37 in Fortune’s 2021 ranking of America’s largest companies. In the communities we serve, the company focuses its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. carbon. Wells Fargo news, insights and insights are also available at Wells Fargo Stories.
Additional information can be found at www.wellsfargo.com | Twitter: @WellsFargo
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements about our financial performance and future business. Because forward-looking statements are based on our current expectations and assumptions about the future, they are subject to inherent risks and uncertainties. Do not place undue reliance on forward-looking statements, as actual results could differ materially from expectations. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect changes or events after such date. For more information about factors that could cause actual results to differ materially from our expectations, see 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
Press release category: WF-CF