May 4, 2020 / 4:14 PM / in 2 months

Wells Fargo receives 'outstanding' rating for community lending

FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon

(Reuters) - Wells Fargo & Co (WFC.N) said on Monday it has received an “outstanding” rating on a U.S. regulatory test for community lending between 2012 and 2018.

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. reut.rs/2VZDMm4

Reporting by C Nivedita in Bengaluru; Editing by Vinay Dwivedi

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