Wells Fargo - Wells Fargo: Community Involvement Wells...

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Wells Fargo: Community Involvement Wells Fargo National Bank headquartered in San Francisco is an organization that has been ranked the world’s 19 th most profitable company last year by Fortune magazine (About Wells Fargo 2008). To many achieving that rank has been what has put Wells Fargo under some negative publicity. Ethical issues such as the sub prime lending scandal, and the issue of foreclosing on homes of activated military reservists sent to war have pulled Wells Fargo into legal entanglements with the federal and city governments (Henriques 2008). However the company has a track record of being respected by governing agencies, among employees, customers, and areas that they do business in. Wells Fargo was evaluated June 30, 2006 on its performance under the Community Reinvestment Act (CRA) by the Federal Government and was found to be outstanding in compliance with the act. The major characteristics influencing the rating were: “Wells Fargo Financial National Bank (WFFNB) demonstrating a high level of qualified investments, community development loans, and community development services in its assessment area. WFFNB demonstrates an excellent level of responsiveness to credit and community development needs in its assessment area”(CRAPE 2). Wells Fargo was found to provide a high level of community development services. Also the vast majority of Wells Fargo’s community development activities target affordable housing, creating or supporting 481 units of affordable
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This note was uploaded on 04/03/2008 for the course MGMT 450 taught by Professor Tubbs during the Spring '08 term at Eastern Michigan University.

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Wells Fargo - Wells Fargo: Community Involvement Wells...

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