Wells Fargo Denies NAACP Allegations

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Wells Fargo & Company (NYSE:WFC) issued this statement about allegations made by the National Association for the Advancement of Colored People (NAACP).

“The NAACP’s allegations are totally unfounded and reckless. We have never tolerated, and will never tolerate, discrimination in any way, shape or form in any of our business practices, products, or services. We are proud of our lengthy record leading the industry in responsible lending practices and in support of the communities we serve, which makes the very thought of a discrimination claim reprehensible to us.”

“We intend to vigorously defend these unfounded allegations. We are confident we will prevail. Our loan terms and pricing are based on market factors and on individual customer and loan circumstances, such as the credit profile of the borrower, the loan type, the loan-to-value ratio, and the property type. We have been working with the NAACP for the past two years to develop a partnership that would benefit the NAACP, its constituents, and our communities, so we are dismayed that the NAACP has chosen to abandon that constructive dialogue in order to pursue this litigation.”

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1,” and Standard & Poor’s Ratings Services, “AA+.”